OECD slashes S.Korea's 2013 growth outlook to 3.1 pct (2)

The OECD, however, forecast that the Asia's No. 4 economy will expand at an annual rate of 4.4 percent in 2014, noting that output growth will pick up gradually by 2014, driven by a rebound in exports as world trade gains momentum.

Meanwhile, the organization cut its 2012 growth outlook for the country to 2.2 percent from an earlier estimate of 3.3 percent, citing slowing exports and weaker private consumption.

The nation's private consumption was expected to grow 1.7 percent this year, down from an earlier estimate of 2.6 percent, due to massive household debt that reached 164 percent of household disposable income in 2011, one of the highest among the OECD member countries.

Slower growth was expected to help the consumer price inflation stay in the relatively low level. The outlook for the inflation was set at 2.2 percent for 2012, 2.7 percent for 2013 and 3 percent for 2014.

Recommended Features: Vibrant Opportunities amid Transition From 'Made in China' to 'Created in China' A Journey to Cultural Renaissance The Vision of A Pillar Industry China: A Fast-growing Force in IPR IPR in China: Local Roots Bearing Global Fruits A Decade of Fastest Development Eastern Boom Lightens Western Gloom Chinese firms 'potential Trojan horses'？