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SKorea's economy may further slow down in 2009
AP - 51 minutes ago
SEOUL, South Korea - South Korea's president said Saturday the country's economic growth may slow in the first half of 2009 because of the fallout from the global financial crisis.
President Lee Myung-bak said the economy will see a downturn in first six months but South Korea may attain economic growth for 2009 on an annual basis.
South Korea's export-driven economy has been hit by the global slowdown, with exports falling sharply and domestic consumer spending weakening.
Earlier this month, South Korea's central bank said the country's economy will grow 2 percent in 2009, compared with a revised estimate of 3.7 percent for 2008. South Korea's economy grew 5 percent last year.
Lee took office in February with a pledge to achieve annual growth of 7 percent.
Asia's fourth-largest economy has not contracted on an annual basis since 1997, when it was hit by the Asian financial crisis that forced the government to seek a $58 billion bailout from the International Monetary Fund.
The bank estimated, however, that growth would recover in 2010 to 4 percent.
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