SEOUL: President Moon Jae-in’s government lowered its growth forecast for this year as South Korea’s economy continues to be battered by a downturn in the tech cycle and global trade woes.
The finance ministry sliced 0.2 percentage point of its projection for growth this year to 2.4% to 2.5% in its second-half policy statement released yesterday. The government also slashed its inflation projection to 0.9% from 1.6%, taking account of feeble price gains seen so far this year.
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