Global investment banks forecast average 1.2 pct growth for S. Korea
8/12/2008 16:14
Major global investment banks revised down their growth projections for
South Korea next year to average 1.2 percent, far lower than a three percent
expansion predicted a month earlier, data showed today.
Seven major banks
said the economy will slow down due to the faster-than-expected worldwide
recession and its impact on the nation's export-driven economy, according to the
data provided by the Ministry of Strategy and Finance and the Korea Center for
International Finance.
Goldman Sachs and Morgan Stanley predicted Asia's
fourth- largest economy will grow 3.1 percent and 2.7 percent,
respectively.
JP Morgan and Merrill Lynch, however, projected South Korea's
economy to grow 1.5 percent, while Barclays Bank expected a 1 percent
expansion.
The Switzerland-based UBS gave the lowest prediction of minus 3
percent, in what would be the first contraction in 11 years.
Xinhua
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