South Korea's government on Monday set its 2019 growth outlook for the economy at a range of 2.6-2.7 percent on the expected slowdown in export amid the external uncertainties.
The growth forecast was proposed at the meeting of economy-related ministers, chaired by President Moon Jae-in. It was lower than the Bank of Korea (BOK)'s outlook of 2.7 percent.
The government revised down this year's growth outlook to a range of 2.6-2.7 percent from 2.9 percent estimated five months earlier. The real gross domestic product (GDP) grew 3.1 percent last year.
The double-digit monthly expansion in chip export led this year's export, which was predicted to surpass 600 billion U.S. dollars.
Export, which accounts for about half of the export-driven economy, was forecast to rise 3.1 percent in 2019, nearly half of the expected 6.1 percent expansion in 2018.
The outlook for next year's current account surplus was set at 64 billion U.S. dollars, down from this year's 74 billion U.S. dollars.
The growth forecast was proposed at the meeting of economy-related ministers, chaired by President Moon Jae-in. It was lower than the Bank of Korea (BOK)'s outlook of 2.7 percent.
The government revised down this year's growth outlook to a range of 2.6-2.7 percent from 2.9 percent estimated five months earlier. The real gross domestic product (GDP) grew 3.1 percent last year.
The double-digit monthly expansion in chip export led this year's export, which was predicted to surpass 600 billion U.S. dollars.
Export, which accounts for about half of the export-driven economy, was forecast to rise 3.1 percent in 2019, nearly half of the expected 6.1 percent expansion in 2018.
The outlook for next year's current account surplus was set at 64 billion U.S. dollars, down from this year's 74 billion U.S. dollars.
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