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South Korea’s central bank has cut its forecast on the country’s economy, citing mounting uncertainties from the U.S.-China trade battle.
Bank of Korea said Thursday it lowered its growth outlook on Asia’s fourth-largest economy to 2.9 percent this year, compared with its earlier forecast of 3 percent growth.
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The bank says the spiraling trade battles between the world’s two largest economies increased potential risks to the South Korean economy.
It also says worse-than-expected job rates and slower capital expenditure contributed to its downward growth revision.
South Korea’s growth is expected to further slow in 2019. Bank of Korea says the South Korean economy is likely to grow 2.8 percent next year.