(MENAFN) South Korea's Samsung Economic Research Institute (SERI) stated that in case the Japanese yen weakens more against the US dollar and the South Korean won, during the current year, the country's economy is expected to expand by less than 1 percent, reported Xinhua News.
According to Jeong Young-sik, a researcher at SERI, South Korea's economy is projected to post a growth of between 2.5 - 3 percent in the year, with the figure higher than the 2-percent growth recorded in 2012.
Jeong added that the weak yen would hurt South Korean exports, which make up nearly half of the country's economy, through the deteriorating price competitiveness, due to the high level of export similarity between the two countries, mainly car exports.
It is worth ntoing that the country's Finance Ministry revised down its growth forecast for 2013 to 2.3 percent, whereas the central bank set its growth outlook for the year at 2.8 percent.
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