12/29/2012, 00.00
SOUTH KOREA
Send to a friend

Seoul, government lowers economic forecasts for 2013

Before leaving office, the government led by Lee Myung-bak is forced lower economic estimates for next year: Korea will grow by 2.1% this year against the forecast of 3.3%. Possible "improvements" by next fiscal year.

Seoul (AsiaNews / Agencies) - Despite the best efforts last year, the new government of South Korea will be faced with an economic situation far worse than that of five years ago. Before handing over office to Park Geun-hye, in fact, the government led by Lee Myung-bak has sharply revised growth forecasts for 2012 and 2013 downward.

According to economic analysts in the Blue House, the main cause of this situation is due to the debt crisis in Europe and the budgetary problems in the United States, factors that are weighing heavily on global demand. The Ministry of Finance of the Fourth Asian economy has forecast a growth of 2.1% in 2012 (against the previous forecast of 3.3%) and 3% in 2013 (down from 4.3%).

"The economy continues to slow down - the ministry said in a statement - while global demand is hampered by the ongoing crisis in the euro zone and the still present uncertainties." The growth of the gross domestic product of South Korea should continue to be limited in the first half of 2013, but "could improve slightly" in the second half, thanks to the expected recovery in key markets.

Send to a friend
Printable version
CLOSE X
See also
Tensions between Seoul and Pyongyang rise as Cold War fears cast a shadow over Korea
12/02/2016 15:14
Asian stocks plunge after Wall Street and Europe
05/08/2011
Coronavirus: Wall Street crash drags Asian markets down
28/02/2020 11:05
Growing unemployment in the Philippines, also due to corruption and waste
04/01/2010
Some signs of flexibility between the United States and North Korea in Beijing
26/07/2005


Newsletter

Subscribe to Asia News updates or change your preferences

Subscribe now
“L’Asia: ecco il nostro comune compito per il terzo millennio!” - Giovanni Paolo II, da “Alzatevi, andiamo”