This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/go/rss/int/news/-/news/business-16134683
The article has changed 2 times. There is an RSS feed of changes available.
Previous version
1
Next version
Version 0 | Version 1 |
---|---|
S Korea cuts economic forecast due to global outlook | S Korea cuts economic forecast due to global outlook |
(about 1 hour later) | |
South Korea's government has surprised investors by cutting its economic growth forecast, due to a projected slump in exports. | South Korea's government has surprised investors by cutting its economic growth forecast, due to a projected slump in exports. |
The Ministry of Strategy and Finance says Asia's fourth-largest economy is likely to grow by 3.8% in 2011 and 3.7% in 2012. | The Ministry of Strategy and Finance says Asia's fourth-largest economy is likely to grow by 3.8% in 2011 and 3.7% in 2012. |
Previously, it had forecast expansion of 4.5% for both years. | Previously, it had forecast expansion of 4.5% for both years. |
Meanwhile, South Korea's exports are set to slow to just 7.4% in 2012 from almost 20% in 2011, the ministry said. | Meanwhile, South Korea's exports are set to slow to just 7.4% in 2012 from almost 20% in 2011, the ministry said. |
Exports account for about half of South Korea's economy. | Exports account for about half of South Korea's economy. |
Global trade is expected to be hurt by economic weakness in Europe and America, two key destinations for South Korean products. | Global trade is expected to be hurt by economic weakness in Europe and America, two key destinations for South Korean products. |
Last month, the Paris-based Organisation for Economic Cooperation and Development (OECD) downgraded South Korea's growth forecast to a level similar to the government's new figure. | |
It cited weak global and domestic demand. | |
In September, South Korea said it was planning to increase its spending for the next financial year in order to promote job creation, amid a wider downturn. |
Previous version
1
Next version