News ID: 260477
Published: 1054 GMT October 20, 2019

South Korea sees growth missing government’s target

South Korea sees growth missing government’s target

South Korea’s economic growth may miss the government’s target of 2.4 percent to 2.5 percent this year, Yonhap News Agency reported, citing the finance minister.

Growth is more likely to meet the projections of International Monetary Fund and the Organization for Economic Cooperation and Development, the news agency cited Hong Nam-ki as saying in Washington, where the Group of 20 nations’ finance ministers and central bank governors met, Bloomberg reported.

IMF and OECD forecast Asia’s fourth-largest economy will expand at two percent and 2.1 percent, respectively.

The Finance Ministry lowered its growth forecast for the year to 2.4 percent to 2.5 percent in July, reflecting the vulnerability of the economy to external forces, including the protracted US-China trade war. The revision preceded the escalation in trade tensions between South Korea and Japan.

Hong said he expects economic growth next year to be slightly above the 2.2 percent and 2.3 percent projected by IMF and OECD, respectively.

 He also expressed hopes that the dispute with Japan could be resolved before year-end, according to the news agency.


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