(MENAFN) South Korea is considering slashing its growth forecast for the year by 0.5 percent as the economy is recovering at a weaker-than-expected pace and trade remains sluggish, Yonhap News reported.
Asia's fourth-largest economy's current growth forecast stands at 3.8 percent. If it lowers the figure by 0.5 percent, the revised outlook of 3.3 percent will be slightly higher than forecasts by other economic institutions.
Earlier this month, the state-run Korea Development Institute slashed its outlook to 3 percent from 3.5 percent, while the Bank of Korea cut its forecast to 3.1 percent from 3.4 percent last month.
"It is yet too early to pinpoint a number. We will be factoring in preliminary data for June as well as consider market indicators such as sales," said a South Korean Finance Ministry official.
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.