South Korea cuts GDP outlook, keeps policy of seeking equitable growth

South Korea trimmed economic growth forecasts for both this year and next year on Monday, citing weak investment and global trade disputes, and pledged to employ aggressive fiscal policy to cushion the impact.

The finance ministry said Asia’s fourth-largest economy would post annual growth of between 2.6 and 2.7 percent this year and next year, down from the July predictions of 2.9 percent for this year and 2.8 percent for next year.

“The economy is faced with downward risks such as deepening trade disputes, spreading financial instability in emerging markets amid the normalising monetary policy by the major countries,” it said in a scheduled policy statement.

This year’s growth would be the slowest pace since 2.3 percent posted in 2012, and next year’s projection appeared to be more optimistic than forecasts by global investment banks of as low as 2.3 percent.

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