Eyes on this trading economy as a 'canary on the coal mine' for the global outlook.
- cut its 2019 economic growth target to what would be a 7-year low
- government now aims for between 2.4% and 2.5% this year (from 2.6 to 2.7% range projected in its previous forecast in December 2018)
From the finance ministry mid-year update of economic forecasts.
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- expects exports to shrink by 5% for 2019
- earlier projection was for 3.1% growth
- "We've lowered the forecast as uncertainties over the trade war remain high amid the slowing global economy, while a recovery in the semiconductor sector that accounts for 20% of total exports is being delayed," Lee Eog-won, director-general of the ministry's economic policy bureau
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