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OECD Cuts S. Korea's 2012 growth outlook to 2.2%  Join our daily free Newsletter

MENAFN - Qatar News Agency - 29/11/2012

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(MENAFN - Qatar News Agency) South Korea's economy is expected to grow 2.2% this year, an international report showed, revising down its previous growth outlook sharply amid toughened export market conditions.

The forecast by the Organization for Economic Cooperation and Development (OECD) is lower than a 3.3% gain it predicted in May, which was the same as the government's current growth outlook, according to its report summarized by the finance ministry here.

The OECD also cut its 2013 growth outlook for Korea from 4% to 3.1%. The revision is the latest in a series of moves by many think tanks and
organizations at home and abroad to lower their growth estimates for Asia's fourth-largest economy.

The report explained that the South Korean economy started to emerge from a slump in the middle of this year, bolstered by an increase in exports.

Growth will undergo a "gradual pick-up" in 2013 and 2014 thanks to possibly continued export growth, the report showed.

 






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