South Korea lowers growth forecast

March 28, 2013 Share Print 0

South Korea has cut its growth forecast for the second time in three months, amid a slowdown in its exports.

The finance ministry now expects the economy to grow by 2.3% in 2013, down from its earlier projection of 3%.

Exports, which account for almost half of South Korea’s overall output, have been hit by weak demand from markets such as the US and the eurozone.

The ministry said that it would unveil a series of stimulus measures in the coming days aimed at reviving growth.

South Korea’s economy expanded by 2% in 2012, the slowest pace in three years.

BBC News

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Dean Popplewell

Vice-President of Market Analysis at MarketPulse

Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.