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FORECAST FOR S. KOREAN ECONOMY DOWNGRADED: THINK TANK.
SEOUL, March 3 Asia Pulse - A major private think tank Sunday downgraded its projection for the South Korean economy's growth this year, reflecting concerns over a possible U.S. slowdown and financial woes in global markets.
South Korea's economy will grow 4.7 per cent for this year from the 5 per cent advance previously forecast, the Samsung Economic Research Institute (SERI) said in a report. Asia's fourth-largest economy is projected to expand 4.9 per cent in the first half and gain 4.4 per cent in the next six months.
"We have decided to lower our growth outlook, taking into consideration a faster-than-expected downturn of the U.S. economy and continuing financial woes in global markets," a senior SERI economist said. Such overseas downside risks will dent South Korea's major export markets and lead to slower economic growth, he added.
The growth adjustment by SERI, a research unit of Samsung Group, South Korea's largest conglomerate, came as the new government is pushing to attain 7-percent annual ...
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Source: HighBeam Research, FORECAST FOR S. KOREAN ECONOMY DOWNGRADED: THINK TANK.