(MENAFN) According to reports by think tanks, South Korea's economic growth forecasts of 2014 are lowered, citing an extended slump in consumption as a result of a ferry disaster, QNA reported.
The Hyundai Research Institute (HRI) lowered gross domestic product (GDP) growth forecasts from earlier expectations of 4 percent to 3.6 percent during the current year.
The HRI attributed the downfall trend to the slow recovery in private consumption and construction, which will drag down the domestic demand, according to South Korea's (Yonhap) News Agency.
"There is a possibility that the economy will deviate from the recovery track and go on a sluggish pace," warned the HRI report.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.