South Korea on Wednesday cut this year's economic growth target to what wou...
SEJONG, South Korea - South Korea on Wednesday cut this year’s economic growth target to what would be a seven-year low as the prolonged U.S.-China tariff war hit global demand for the export powerhouse’s manufactured goods.
The government now aims to achieve growth of between 2.4% and 2.5% this year, slower than the 2.6% to 2.7% range projected in its previous forecast in December, the finance ministry said in a scheduled mid-year update of its economic forecasts. The ministry also lowered forecasts on most other major indicators including private consumption, capital investment and construction spending.
The central bank previously cut its growth forecast for this year in April to 2.5% from 2.6%, and is due to revise the projection again on July 18, when the Bank of Korea could cut interest rates.
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