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S. Korea could cut 2011 growth outlook on external uncertainties: FM

08-29-2011 15:29 BJT

SEOUL, Aug. 29 (Xinhua) -- South Korean Finance Minister said on Monday that it could cut economic growth outlook for this year, citing heightened external uncertainties.

"The government now sticks to the current economic outlook for this year, but I think the accurate forecast could be taken again later. Overall, there are downside risks on economic growth," Minister Bahk Jae-wan said in a forum held in central Seoul.

His remarks came after the finance ministry revised down its economic growth outlook for this year to 4.5 percent from the prior 5 percent in June 30 when it announced its plan for the second-half economic policy management.

Bahk said the nation's economy will continue to be on a solid recovery track, but warned that downside risks to the domestic economy strengthened, saying South Korean economy will be influenced negatively if the global economy slows down and the instability in financial markets are prolonged.

Meanwhile, the minister said the government will achieve its annual inflation target of 4 percent for this year."Agricultural product prices rose due to heavy rainfall, which lasted through mid-August, and it contributed to higher consumer inflation in August. But if consumer price growth eases at the 3 percent range in September, and stay at the level for the remainder of this year, the inflation target of 4 percent can be achieved," Bahk said. The nation's consumer prices jumped 4.7 percent in July from a year earlier, up from a 4.4 percent gain the previous month.

Editor:Wang Xiaomei |Source: Xinhua

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