OECD cuts S. Korea’s 2019 growth outlook from 2.1% to 2% amid slowdown in global trade

OECD cuts S. Korea’s 2019 growth outlook from 2.1% to 2% amid slowdown in global trade


The OECD has cut its growth outlook for South
Korea’s economy this year to two-percent,… citing a slowdown in global trade. Lee Seung-jae reports. The OECD on Thursday downgraded its growth
outlook for South Korea’s economy for this year to 2-percent,… amid a slowdown in global
trade. The organization’s latest outlook represented
a drop from its previous forecast of 2-point-1 percent in September. The report said economic growth will remain
subdued in South Korea,… as the global slowdown and trade tensions hold back exports,… while
high uncertainty weighs on investment. The OECD also said a gradual recovery in global
demand for semiconductors,… and expansionary fiscal policy will support the economy. Currently,… semiconductors account for nearly
a fifth of South Korea’s exports. The OECD also expects the Bank of Korea to
further ease monetary policy in 2020,.. as headline inflation will remain below the 2-percent
inflation target. This comes as the BOK cut its benchmark interest
rate by a quarter percentage point to 1-point-two-five percent in October,… a low not seen since
June 2016. Despite the cut in South Korea’s growth outlook,…
the OECD left its outlook for 2020 unchanged,… predicting the economy would grow two-point-three
percent. Lee Seung-jae, Arirang News.

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