IMF revises down forecast for domestic economy to 3.25%

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IMF revises down forecast for domestic economy to 3.25%

The International Monetary Fund (IMF) yesterday downgraded Korea’s economic growth forecast to 3.25 percent for 2012 due to unfavorable global developments.

The revised estimate is lower than the IMF’s earlier forecast of 3.5 percent for Asia’s fourth-largest economy. The latest prediction was made following the fund’s two-week annual meeting with Seoul officials.

In a news conference, a visiting IMF delegation said the Korean economy may gain momentum later this year.

The IMF stressed that the latest outlook is subject to substantial uncertainty, with the main downside risk to come from the crisis in Europe.

The IMF also said that its baseline 2012 growth prediction is contingent on full implementation of the budget.

Yonhap

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