State Think Tank Slashes Growth Forecast over COVID Resurgence

  • By Ahn Joong-hyeon

    September 09, 2020 12:48

    The state-run Korea Development Institute has slashed Korea's economic growth forecast for this year due to a recent resurgence in coronavirus infections.

    In its report Tuesday, the KDI predicted that Korea's economy will shrink 1.1 percent this year, down 0.9 percentage points from its previous forecast of -0.2 percent in May. It also cut its growth outlook for next year from 3.9 percent to 3.5 percent.

    "The economy is unlikely to see a V-shaped recovery," said Jung Kyu-chul at the institute. "It will take a while to recover."

    Last month, the Bank of Korea also slashed its growth projection for this year from -0.2 percent to -1.3 percent.

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