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'Gov't to Lower 2019 Growth Outlook to Low 2% Range'

Write: 2019-08-23 18:24:44Update: 2019-08-23 18:40:52

The South Korean government is known to be lowering its own expectations about how much the country’s economy will grow this year. 

A participant of a meeting held on Friday between the heads of state-funded and private think tanks says the Ministry of Economy and Finance believes its reasonable to predict this year’s growth at two percent to two-point-two percent, given the slumping economy. 

Last month, the ministry said the economy would likely grow between two-point-four percent and two-point-five percent. 

Hyundai Research Institute also lowered its outlook from two-point-five percent to between two percent and two-point-two percent. LG Economic Research Institute warned it could even fall below two percent depending on circumstantial changes.

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