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Output and earnings weak in Britain
SEOUL, Oct. 11 (UPI) -- Citing financial market instability, economists adjusted growth forecasts for next year downward for South Korea after North Korea's nuclear test.
Research institutes said growth could fall to 2 percent to 3 percent, instead of the 4 percent to 4.5 percent initially predicted, based on a volatile financial market and shrinking domestic demands and investments if stronger sanctions are imposed on North Korea, Chosun said Tuesday.
LG Economic Research Institute Vice President Oh Moon-suk said the nuclear testing will further tighten the domestic economy, "which is already in bad shape," Chosun said.
Growth forecast revisions are expected to be announced within the next few weeks, Chosun said.
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