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Private and state-run think tanks have lowered their 2014 economic growth forecasts, according to reports out Sunday.
The Hyundai Research Institute had earlier expected South Korea’s gross domestic product to grow 4 percent in 2014. The latest HRI report lowered the outlook by 0.4 percentage point to 3.6 percent, saying the slow recovery in private consumption and construction will drag down the domestic demand.
The growth rate of private spending is expected to reach 2.5 percent, far below the GDP growth rate of 4 percent, as consumers have been reluctant to spend money as they mourned the Sewol ferry sinking on April 16 that left more than 300 passengers dead, the report said.
State-run Korea Institute of Finance also revised down the 2014 growth forecast by 0.1 percentage point to 4.1 percent, citing that the ferry disaster may dampen private spending.
Previously, the nation’s central bank had put out a 4 percent growth projection for 2014, up from an earlier 3.8 percent. (Yonhap)
The Hyundai Research Institute had earlier expected South Korea’s gross domestic product to grow 4 percent in 2014. The latest HRI report lowered the outlook by 0.4 percentage point to 3.6 percent, saying the slow recovery in private consumption and construction will drag down the domestic demand.
The growth rate of private spending is expected to reach 2.5 percent, far below the GDP growth rate of 4 percent, as consumers have been reluctant to spend money as they mourned the Sewol ferry sinking on April 16 that left more than 300 passengers dead, the report said.
State-run Korea Institute of Finance also revised down the 2014 growth forecast by 0.1 percentage point to 4.1 percent, citing that the ferry disaster may dampen private spending.
Previously, the nation’s central bank had put out a 4 percent growth projection for 2014, up from an earlier 3.8 percent. (Yonhap)
