The International Monetary Fund on Tuesday slashed its economic growth forecast for South Korea this year citing weak global economic conditions.
According to reports, the lender now forecasts the economy to grow 3.25 percent in 2012, slower than the previously estimated 3.5 percent growth.
The IMF reportedly urged South Korea to enhance its contingency planning for tail risks. It also asked the government to closely monitor the high level of household debt and take corrective actions if necessary.
by RTT Staff Writer
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