June 04, 2015 10:34
The Organization for Economic Cooperation and Development cut Korea's economic growth forecast for 2015 in its report released on Wednesday.
It said Korea's GDP is expected to grow 3 percent in 2015, down 0.8 percent from its previous forecast of 3.8 percent last November.
It said it cut the forecast as mounting household debt continues to constrain private consumption, and exports to China, which account for 14 percent of Korea's GDP, keep declining.
Meanwhile, the organization forecast the global economy to expand 3.1 percent this year, also down from an earlier estimate of 3.7 percent.
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