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Experts forecast that sluggish exports will reduce the growth rate of the Korean economy to the 3- or even 2-percent level next year.
Macquarie Securities of Australia in a recent report said Korea¡¯s export growth rate for next year is expected to fall to 6 percent from the current two-digit level, putting overall growth at 2.5 percent.
Swiss bank UBS forecast that a global economic slowdown with average growth of 2.2 percent will slow Korea¡¯s exports, increase unemployment and reduce household income next year, cutting Korea¡¯ s growth rate to 2.9 percent.
The grim predictions came after the International Monetary Fund lowered its forecast for Korean growth in 2009 by 0.8 points to 3.5 percent, down from 4.3 it forecast in June.
Other global financial institutes also put Korea¡¯s growth rate at around 3 percent -- Morgan Stanley, Merrill Lynch and Citi Group say 3.8 percent, and Deutsche Bank 3.5 percent -- while Korea Economic Research Institute predicted 3.8 percent.
(englishnews@chosun.com )
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