IMF Lowers Outlook For Korean Growth
The International Monetary Fund has lowered its 2001 growth projection for the Korean economy from 6.5 percent to 3.5 percent.An official at the Ministry of Finance and Economy said, "We believe the change reflects the IMF's judgment that our economy will be strongly affected by the slowdown in the U.S. economy." (Article, Page 4)
The change will be made official early Friday in Washington, when the organization's semi-annual outlook on world econo-mies is released. The IMF is also reported to have lowered its projections for economic growth in the United States and Japan.
The adjustment follows the earlier change by the Asia Development Bank in March, which put Korea's expected growth rate at 3.9 percent.
with the Korea JoongAng Daily
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