(MENAFN) As an expected result for the constant downturn in exports and sluggish domestic demand, South Korean economy is forecasted to grow only 2.7 percent on-year in 2016, as recent data showed.
Pressure will remain present on Asia's fourth-largest economy next year, as weak exports continues its dominance, a weakness stemming mainly from a slump in China's economy, according to LG Economic Research Institute.
In the second quarter period, the country's exports increased 0.3 percent, a 0.8 decline percent from three months earlier, while consumer spending dropped 0.2 percent on-quarter, marking the first reduction in a year.
"Due to a slump in world trade, South Korean exports will likely grow at a slower pace and domestic demand will remain sluggish next year," stated an experienced senior researcher at the institute.
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