S. Korea's growth outlook for 2019 cut to 2.6% amid slowdown in global trade: OECD
- 5 years ago
The OECD has cut its growth outlook for South Korea's economy this year amid a slowdown in global trade.
Lee Seung-jae reports.
The OECD on Wednesday released its growth outlook for South Korea's economy in 2019,... projecting it to be 2-point-6 percent.
It said the cut was mainly due to a slowdown in global trade.
The OECD's previous estimate for South Korea last November was 2-point-8 percent.
It also said on Wednesday that South Korea's economy will grow 2-point-6 percent in 2020,... down from its previous forecast of 2-point-9 percent.
According to the OECD Interim Economic Outlook,... South Korea's continued fiscal easing and low inflation should support demand,... but exports have slowed sharply,... especially to Asian markets.
South Korea's outbound shipments slumped by more than 11 percent on-year last month,... the third straight month that exports have contracted.
The numbers suggest South Korea might struggle to reach 600 billion dollars in exports for the second straight year in 2019.
The OECD's downward revision comes a matter of days after Moody's slashed its growth outlook for the South Korean economy to 2-point-1 percent,... citing a weakening investment cycle,... the deceleration in global trade,... as well as lower demand in China for intermediate products.
However, South Korea is not alone.
The OECD says the economic prospects are now weaker in nearly all G20 nations than previously anticipated.
It attributed the shaky figures to vulnerabilities in China,... the weakening European economy,... combined with a slowdown in trade and global manufacturing, high policy uncertainty and risks in financial markets.
Lee Seung-jae, Arirang News.
Lee Seung-jae reports.
The OECD on Wednesday released its growth outlook for South Korea's economy in 2019,... projecting it to be 2-point-6 percent.
It said the cut was mainly due to a slowdown in global trade.
The OECD's previous estimate for South Korea last November was 2-point-8 percent.
It also said on Wednesday that South Korea's economy will grow 2-point-6 percent in 2020,... down from its previous forecast of 2-point-9 percent.
According to the OECD Interim Economic Outlook,... South Korea's continued fiscal easing and low inflation should support demand,... but exports have slowed sharply,... especially to Asian markets.
South Korea's outbound shipments slumped by more than 11 percent on-year last month,... the third straight month that exports have contracted.
The numbers suggest South Korea might struggle to reach 600 billion dollars in exports for the second straight year in 2019.
The OECD's downward revision comes a matter of days after Moody's slashed its growth outlook for the South Korean economy to 2-point-1 percent,... citing a weakening investment cycle,... the deceleration in global trade,... as well as lower demand in China for intermediate products.
However, South Korea is not alone.
The OECD says the economic prospects are now weaker in nearly all G20 nations than previously anticipated.
It attributed the shaky figures to vulnerabilities in China,... the weakening European economy,... combined with a slowdown in trade and global manufacturing, high policy uncertainty and risks in financial markets.
Lee Seung-jae, Arirang News.