ADB Cuts Korea's Growth Forecast

The Asian Development Bank has slashed its growth forecast for Korea.

The bank predicts the Korean economy to expand by 2.7 percent this year. That's 0.3 percentage points lower than its projection in July.

The ADB attributed the cut to weakening exports, rising household debt and shrinking consumption following the outbreak of Middle East Respiratory Syndrome in May.

The bank lowered its growth outlook for all emerging Asian economies -- including Korea, China, India and Singapore -- to a 14-year low.

The region has been affected by the slowdown in China as well as the uncertainty surrounding a possible U.S. rate hike.