World Economy

S. Korea Growth Slow

S. Korea Growth SlowS. Korea Growth Slow

South Korea’s economic growth is expected to slow in 2015 from a year earlier due to slumping exports and anemic consumer spending, a leading think tank said Tuesday, Globalpost reported. Asia’s fourth-largest economy will likely expand 3% on-year this year, down from a 3.3% advance last year, the LG Economic Research Institute said in its report on domestic and foreign economic outlooks for 2015. The institute cited slackening overseas shipments and private consumption that remains in the doldrums. “The value of exports is feared to drop this year from 2014 due to slowing emerging economies and more intense competition,” it said. Yet the think tank forecast that the domestic economy will recover slightly in the second quarter on low interest rates and oil prices, but it said the economy has yet to enter a full-fledged recovery phase.