Arab Today, arab today imf cuts s korea’s economic growth forecast to 27
Last Updated : GMT 21:26:48
Arab Today, arab today
Arab Today, arab today

IMF cuts S Korea’s economic growth forecast to 2.7%

Arab Today, arab today

Arab Today, arab today IMF cuts S Korea’s economic growth forecast to 2.7%

Seoul - QNA

The International Monetary Fund (IMF) has again lowered South Korea’s economic growth forecast for this year. In its World Economic Outlook report, the IMF forecast that South Korea’s economy will grow two-point-seven percent this year, down three-tenths of a percentage point from last month’s forecast, according to Korea’s (KBS WORLD) website. The report is set to be revealed during the annual meetings of the IMF and World Bank that will open in Tokyo on Thursday. The IMF’s announcement marks the fourth time for the global agency to mark down South Korea’s growth outlook in 2012. The IMF also projected that South Korea’s economy will grow three-point-six percent next year, down three-tenths of a percentage point from last month’s outlook. The fund’s downgrade apparently comes as South Korea, which is highly dependent on imports and exports, is expected to be more affected by Europe’s financial crisis than other countries. The IMF also forecast that this year the global economy will grow three-point-three percent, down two-tenths of a percentage point from a forecast issued in July. The IMF also lowered its global economic growth outlook for next year by three-tenths of a percentage point to three-point-six percent. pe

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