S. Korea's growth rate for 2019 forecast as low as 1.9%
- 5 years ago
성장률 전망치 더 낮춘 국내기관…한경연은 1.9%까지 ↓
More bad new for the already struggling Korean economy.
Analysts have further lowered their forecasts for GDP growth this year.
Some now think growth will fall to below 2 percent.
Lee Kyung-eun reports.
The Korea Economic Research Institute now forecasts the local economy to grow 1-point-nine percent this year.
That's down three tenths of a percent from its earlier estimate in June of two-point-two percent.
A researcher at the institute attributed the downgrade to growing uncertainties from home and abroad.
"Unlike what was expected before, the U.S.-China trade war has escalated in the second half, and at the same time there's the ongoing Seoul-Tokyo trade dispute. A lowering of the growth rate was inevitable, given the falling prices of semiconductors and growing trade uncertainties stemming from the export curbs Japan imposed in July."
Other economic think tanks have also lowered their forecasts.
The Hyundai Research Institute now has the figure at 2-point-1 percent... down from 2.5 percent three months ago,... and the Korea Institute of Finance last month... also predicted 2.1 percent.
Experts also blame sluggish investment and falling domestic consumption.
Last month, facilities investment dropped nearly five percent on year.
Inflation, largely due to falling oil prices and weak consumer demand, turned negative last month for the first time, triggering fears of deflation.
With South Korea's population rapidly aging and trade wars breaking out globally, its economic outlook is likely to remain grim for the near future.
Lee Kyung-eun, Arirang News.
More bad new for the already struggling Korean economy.
Analysts have further lowered their forecasts for GDP growth this year.
Some now think growth will fall to below 2 percent.
Lee Kyung-eun reports.
The Korea Economic Research Institute now forecasts the local economy to grow 1-point-nine percent this year.
That's down three tenths of a percent from its earlier estimate in June of two-point-two percent.
A researcher at the institute attributed the downgrade to growing uncertainties from home and abroad.
"Unlike what was expected before, the U.S.-China trade war has escalated in the second half, and at the same time there's the ongoing Seoul-Tokyo trade dispute. A lowering of the growth rate was inevitable, given the falling prices of semiconductors and growing trade uncertainties stemming from the export curbs Japan imposed in July."
Other economic think tanks have also lowered their forecasts.
The Hyundai Research Institute now has the figure at 2-point-1 percent... down from 2.5 percent three months ago,... and the Korea Institute of Finance last month... also predicted 2.1 percent.
Experts also blame sluggish investment and falling domestic consumption.
Last month, facilities investment dropped nearly five percent on year.
Inflation, largely due to falling oil prices and weak consumer demand, turned negative last month for the first time, triggering fears of deflation.
With South Korea's population rapidly aging and trade wars breaking out globally, its economic outlook is likely to remain grim for the near future.
Lee Kyung-eun, Arirang News.