A ministry official said Wednesday, the Ministry of Finance and Economy is considering lowering the country's expected gross domestic product (GDP) growth rate this year to around 4 to 5 percent down one percentage point from the original projection of 5 to 6 percent.
The ministry attributed the possible move to the lingering uncertainties in the U.S. and Japanese economies, which seriously affect the performance of the country's exports and overall economy.
In the revised macroeconomic indicators to be announced late June, the ministry will also drastically reduce this year's export target as shipments decreased for the third consecutive month in May.
The ministry put the expected export increase rate at zero percent or slightly above, the official said, citing declines in the price of semiconductors and other major export items.
The country, however, will likely achieve over $10 billion dollars of trade surplus by the end of the year due mainly to sharp decreases in imports, the official said. The government originally estimated the trade surplus at $5-$7 billion dollars.