Bank of Korea Gov. Kim Choong-soo said Wednesday the country's economy might grow at a slower pace this year than the central bank currently expects, weighed by worsening global economic conditions.
There is a downside risk to our growth forecast of 3% for this year, he told lawmakers during a policy hearing in parliament. Exports are slowing, but aren't likely to worsen significantly.
Early this month, the central bank cut its 2012 growth outlook for the second time this year to 3.0% from its April projection of 3.5%, which had already been revised downward from 3.7% earlier. A BOK official said at a media briefing after the updated outlook that he sees greater downside risk than upside risk in the latest growth outlook.
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