facebook
twitter
rss
account
search
search
 

S. Korea growth forecast cut

Oct. 10, 2012 at 11:25 PM   |   Comments

SEOUL, Oct. 10 (UPI) -- South Korea's central bank, citing weaker exports, Thursday cut the country's growth forecast for this year to 2.4 percent from 3 percent.

The latest forecast by the Bank of Korea would the slowest growth rate in three years. The bank said exports, the main stay of the country's economy, were expected to cool because of the euro zone debt crisis as well as the slowdown in China, Yonhap News Agency reported.

The bank also lowered its forecast for next year to 3.2 percent from its previous estimate of 3.8 percent.

In other actions, the central bank lowered the key interest rate to 2.75 percent from 3 percent, the second such reduction this year.

South Korea is Asia's fourth-largest economy after China, Japan and India.

Separately, the bank said it plans to keep inflation between 2.5 percent and 3.5 percent over the next three years.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Freedom variant LCS takes to water Freedom variant LCS takes to water
2
MDA demos tracking, targeting capability of Aegis MDA demos tracking, targeting capability of Aegis
3
CNN absent from the Dish Network lineup CNN absent from the Dish Network lineup
4
Iraq seeks thousands of tank rounds Iraq seeks thousands of tank rounds
5
Australia upgrading Tiger helos; receives MH-60R from U.S. Australia upgrading Tiger helos; receives MH-60R from U.S.
Trending News
Around the Web
x
Feedback