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
Spanish Village to Raise Funds with Marijuana
Our old friend Greece is the headline of any business news site reporting about its debt issue. While Greece is
EU-US trade deal to boost economic growth
In their recent trade deal talks, the US and the EU recently agreed on a free-trade agreement that is expected
Iata almost doubles loss forecast for European airlines
The International Air Transport Association (Iata) has almost doubled its forecast for losses at European airlines to $1.1bn (£706m) for
