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Monday, 22 December 2014 - 12:33
South Korea downgrades growth forecasts
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Asia's fourth largest economy, South Korea, has cut its growth forecast for this year and next as consumer and business sentiment weakens.

The Ministry of Strategy and Finance said the economy will now grow by 3.4% this year, down from 3.7% it forecast in July.

Growth in 2015 was also downgraded to 3.8% from 4% predicted earlier.

The government said private investment and consumer spending were coming out weaker than it had expected.
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