The Ministry of Finance of South Korea lowered the forecast for GDP growth for 2019 to a minimum level of seven years


The Ministry of Economy and Finance of South Korea has worsened the forecast for economic growth in the country for 2019. The agency expects the rise to be between 2.4% and 2.5%. Previous growth estimates ranged from 2.6% to 2.7%. Thus, the new forecast assumes the minimum rates of economic growth for the last 7 years. At the same time, economists believe that the growth for the year will be even lower - at 1.4%. The Korean economy, in which exports account for almost half, is under pressure due to the effects of the US-Chinese trade war. The ministry expects a 4% reduction in business investment this year. Growth in consumer spending will be at 2.4%. The inflation forecast is lowered to 0.9% from 1.6%. It is expected that the likely recovery of the global economy in 2020 will accelerate South Korea’s GDP growth to 2.6%.

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