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

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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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