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

Apple Asks the Court to ban Sale of Eight Samsung Phone

Apple has sought the US District Court in San Jose, California, to ban eight Samsung mobile phones in the US.

Australia toughening Iran sanctions

The Age- By David Wroe Australia will beef up its sanctions against Iran over the Middle Eastern nation’s nuclear ambitions,

China spends billions of dollars annually on pets

Having one of the world’s lowest birth rates, China is witnessing a growing number of pet lovers among its middle

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Your e-mail address will not be published.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.