South Korea cuts growth target as global demand gets hit from US-China trade war
2019-07-03 09:52:29 source：CNBC
July 3, 2019
South Korea on Wednesday cut this year’s economic growth target to what would be a 7-year low as the prolonged U.S.-China tariff war hit global demand, although the revised projections were above the market’s estimates.
The worsening global outlook also prompted the government to slash its projections for exports for Asia’s fourth largest economy in a sign policymakers will likely need to do more to prop up slumping demand.
The government now aims to achieve growth of between 2.4% and 2.5% this year, slower than 2.6 to 2.7% range projected in its previous forecast in December last year, the finance ministry said in a scheduled mid-year update of its economic forecasts.
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