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


10:58, November 28, 2012

SEOUL, Nov. 27 (Xinhua) -- The Organization for Economic Cooperation and Development (OECD) lowered on Tuesday its 2013 economic growth outlook for South Korea to 3.1 percent from an earlier forecast of 4 percent, citing risk factors such as the possible turbulence in the global financial market and the potential deleveraging by highly indebted households at home.

The OECD revised down its projection for the country's 2013 GDP growth to 3.1 percent from 4 percent six months earlier, according to the OECD Economic Outlook report.

"A major risk is financial turbulence in the world economy, which in the past has negatively affected Korea both through trade and financial channels, although Korea is now better prepared for the latter," the report said.

The Paris-based OECD noted that economic development in China, which accounts for a quarter of South Korean exports, will have an important impact on the country's growth outlook, saying that the key domestic uncertainty is the pace of deleveraging by highly indebted households.

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