Seoul cuts 2017 growth pro­jec­tion

China Daily (Hong Kong) - - BUSINESS -

The South Korean govern­ment cut its growth pro­jec­tion for next year to 2.6 per­cent from 3 per­cent, re­flect­ing tepid do­mes­tic con­sump­tion and weak ex­ports. The govern­ment will main­tain loose fis­cal pol­icy and pres­sure state-run com­pa­nies to spend more in an ef­fort to shore up sag­ging con­sumer and busi­ness sen­ti­ment, the Min­istry of Strat­egy and Fi­nance said on Thurs­day in its re­port on 2017 eco­nomic pol­icy. It also cut its pro­jec­tions for Asia’s fourth-largest econ­omy this year to 2.6 per­cent from 2.8 per­cent.

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