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South Korea cuts growth forecast on Europe crisis

South Korea cuts growth forecast on Europe crisis

South Korea's government has cut its economic growth forecast for this year as Europe's debt crisis weighs on demand for exports.
The finance ministry said Thursday that South Korea's gross domestic product will expand 3.3 percent this year, down from its earlier projection of 3.7 percent.
The ministry also lowered its estimate for consumer price inflation, citing lower crude oil prices.
It estimated a 2.8 percent rise in South Korea's consumer price index this year. It previously predicted a 3.2 percent rise.
The government said Asia's fourth-largest economy will add more jobs than expected during the second half of this year.
The government said new jobs and reduced inflation pressure will boost domestic demand.


Updated : 2021-04-21 10:15 GMT+08:00