Updated on
Summary The country's exports dropped sharply for a second straight month in August.
South Koreas state-run think-tank on Monday cut its forecast for the countrys growth this year to 2.5 percent, citing the eurozone debt crisis.The Korea Development Institutes latest outlook is well below the governments revised growth forecast in June of 3.3 percent, and over a percentage point below a May prediction of 3.6 percent.The countrys exports dropped sharply for a second straight month in August, suggesting the export-reliant economy is struggling with shrinking demand overseas.It said Asias fourth-largest economy is expected to expand 3.4 percent next year, gradually recovering from the slowdown caused by slow exports and sluggish domestic demand.
