English | دری

IMF cuts South Korea growth forecast

in International Business

IMF cuts South Korea growth forecast

The International Monetary Fund (IMF) has cut South Korea’s growth forecast from 3.25% in June to 3% for this year due to spiraling economic crisis in the Eurozone.

The Eurozone is the key market for South Korea’s exports, which account for nearly half of the country’s GDP.

South Korea launched stimulus package worth USD 5.2bn, including tax break on personal icnoems and purchases of homes and cars, to boost domestic demand.

The Bank of Korea injected USD 1.3bn into banks to help reduce interest rates and increase loans to small businesses.

The economy is expected to flat out for the remaining of 2012.

IMF expects the economic growth to pick up pace in 2013 and grow by around 4%.



Related Articles

Burma offering flexibility to foreign investors

Burma’s President, Thein Sein, has approved an investment bill that removes a 50% cap on foreign holdings, according to reports.

Six Day Work Week Suggested For Greece

In an email sent to the Greek Ministries of Finance and Labor, Greece’s international lenders have suggested that Greece should

Top British insurance firm's CEO steps down

Aviva announces chief executive’s departure amid concerns for hefty pay for bosses perceived to be underperforming. Andrew Moss is to

No comments

Write a comment
No Comments Yet! You can be first to comment this post!

Write a Comment

Your e-mail address will not be published.
Required fields are marked*

Time limit is exhausted. Please reload the CAPTCHA.