S. Korean economy's growth thought to slow

SEOUL, May 29 (UPI) -- The Samsung Economic Research Institute said Thursday it lowered its prediction for South Korea's economic growth by 0.8 percentage points for half of 2008.

The South Korean think tank had predicted 4.6 percent growth for the economy. The new figure is 3.8 percent, the Yonhap news agency reported.

The report cites "strong exports" propping up the economy "despite slumping domestic demand."

South Korean exports "are feared to lose momentum in the second half, causing the growth pace to decelerate sharply," the report said.

The annual growth project of 4.7 percent remained unchanged, balanced on an expansion of 5.5 percent in the first half of 2008, Yonhap reported.