South Korea - Growth forecast down
December 30, 2012, Sunday
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SOUTH Korea has lowered its growth forecast for this year and next, as external risks continue to pose challenges to exports.
The Ministry of Strategy and Finance said this week that South Korea's economy will expand 3 percent in 2013, lower than its September forecast of 4 percent. This is lower than Bank of Korea's 3.2 percent growth forecast and the International Monetary Fund's 3.6 percent.
The ministry said Asia's fourth-largest economy is forecast to expand 2.1 percent this year, the lowest in three years and lower than its earlier estimate of 3.3 percent growth.
The government said economic growth is falling short amid a delay in the global economic recovery.
The Ministry of Strategy and Finance said this week that South Korea's economy will expand 3 percent in 2013, lower than its September forecast of 4 percent. This is lower than Bank of Korea's 3.2 percent growth forecast and the International Monetary Fund's 3.6 percent.
The ministry said Asia's fourth-largest economy is forecast to expand 2.1 percent this year, the lowest in three years and lower than its earlier estimate of 3.3 percent growth.
The government said economic growth is falling short amid a delay in the global economic recovery.
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