Korea's economy grew at the lowest rate in three years in 2012. The Bank of Korea on Thursday said the economy grew a mere 2 percent, the slowest growth since 2009 and lower than the 2.3 percent recorded in the year of the global financial crisis, 2008.

The economy grew 0.4 percent in the fourth quarter, from 0.1 percent in the previous quarter, remaining sluggish for the seventh quarter running.

The figure was only half of the BOK's already pessimistic outlook of 0.8 percent three months ago.

The BOK blamed the prolonged eurozone debt crisis.