World Economic outlook - IMF South Korea GDP Growth Forecast 2012 : The International Monetary Fund cut its 2012 growth forecast for South Korea to 3.5% from a previous 4.4%, a report released Thursday by the agency showed.
The report, which was earlier submitted to a Group of 20 nations Deputy Finance Ministers meeting held in Mexico from Jan. 19 to Jan. 20, didn't provide details for the basis of the fund's downward revision. The IMF earlier this week lowered its global economic growth forecast to 3.3% from 4% previously, and expects Europe to experience at least a mild recession this year.
Bank of Korea said earlier Thursday that South Korea's economic growth hit a two-year low in the fourth quarter of 2011, expanding by 0.4% from the previous quarter in seasonally adjusted terms. For all of 2011, the BOK said the economy expanded by 3.6%, compared with the IMF's projection of a 3.8% growth.
The BOK and the South Korean government currently expects growth of 3.7% for this year. But downside risks to their forecast are growing amid weaker external demand and a pullback in domestic consumption stemming from the cloudy global economic outlook.
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