GROWTH SLOWDOWN: South Korea's government cut its forecast for growth in Asia's fourth-largest economy this year as exports stumble due to muted global demand and a weaker yen.
THE NUMBERS: The finance ministry expects that South Korea's economy will expand 2.3 percent this year, down from a 3 percent forecast issued three months ago.
THE REASON: The lower forecast stems from the slower-than-expected global recovery, still weak investment and consumption at home and lack of consumer and corporate confidence. The ministry plans to announce details of a new stimulus plan next month.
- Politics & Government
- Budget, Tax & Economy
- South Korea