Friday, December 9, 2011

S.Korea cuts 2011, 2012 growth forecasts

SEOUL (Dec 9: South Korea's central bank on Friday sharply cut its economic growth forecasts for this year and next, citing a significant cooling in global demand with advanced economies struggling under fiscal debt problems.

Asia's fourth-largest economy is now seen growing 3.8 percent this year and by 3.7 percent in 2012, down from growth of 4.3 percent and 4.6 percent respectively seen in July, the Bank of Korea said in a scheduled revision.

Inflation this year will average 4.0 percent, the same as its July projection, and then slide to 3.3 percent next year, just below the 3.4 percent seen in July, it added. - Reuters

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