OECD cuts S. Korea's growth outlook to 2.6% for 2019

OECD, 올해 한국 성장률 2.6％ 전망…4개월만에 0.2％p↓Things are not looking so bright for the South Korean economy this year... with the OECD lowering its growth forecast for Asia's fourth largest economy... on the back of slowing global trade.Kim Hyesung explains. The OECD has cut its growth outlook for South Korea's economy to 2-point-six percent in 2019,... down zero-point-two percent from its previous estimate in November.It also lowered the country's growth forecast for 2020 by zero-point-three percent to 2-point-six percent. The OECD said the Korean government's expansionary fiscal policy and low inflation will help support domestic demand, but slowing global trade will hurt exports, which account for nearly half of the country's GDP. Already, Korea's exports have plunged by more than 11 percent on-year in February,... the third straight month that exports have fallen. The OECD's downward revision comes just days after credit rating agency Moody's slashed its growth projection for the South Korean economy to 2-point-1 percent.The OECD's projection is within Korea's finance ministry's December forecast of between 2-point-six and 2-point-seven percent growth for 2019....slightly down from the 2-point-seven percent growth tallied in 2018. As for the global economic outlook, the OECD forecast it to slow to 3-point-three percent, down from its November projection of 3-point-five percent. Growth projections for the U.S. and China for this year have both been lowered by zero-point-one percent to 2-point-six percent for the U.S. and 6-point-two percent for China. Growth outlook in the Eurozone has been cut from 1-point-eight percent to one percent. The OECD said economic prospects are now weaker in nearly all G20 countries than previously anticipated, and said policy coordination between countries to boost growth and reduce risks from the U.S.-China trade spat and Brexit will be needed.Kim Hyesung, Arirang News.