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A state-run economic think tank has contradicted the Ministry of Strategy and Finance¡¯s view that the economy is on the upturn.
The Korea Development Institute in a report Sunday said the Korean economy and domestic consumption ¡°are gradually slowing down¡± while consumer prices are soaring. It is the first time the KDI has used the expression ¡°slow down¡± for the current situation.
As reasons for its opinion, the KDI cited a decease in industrial output and sales of consumer goods, lackluster investment and an increase in inventories in February.
The economy slows down when it takes a turn from an upward movement. If it continues for several months, employment, consumption and income stagnate.
(englishnews@chosun.com )
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