SEOUL: South Korea’s economic growth this year looks likely to miss the government’s target due to worsening global conditions, its finance minister said on Sunday, just two months after his ministry lowered the target.
“It is getting more difficult now to achieve (the target) as the situation has deteriorated since the target was set,” Finance Minister Hong Nam-ki said on TV.
The ministry trimmed this year’s growth target to 2.4-2.5% in early July from 2.6-2.7% previously. Since then, the central bank forecast this year’s growth would reach just 2.2%, down from 2.7% in 2018.