News Summary: South Korea cuts 2013 growth view

News Summary: South Korea cuts 2013 growth forecast to 2.3 percent, plans stimulus plan

Associated Press

GROWTH SLOWDOWN: South Korea's government cut its forecast for growth in Asia's fourth-largest economy this year as exports stumble due to muted global demand and a weaker yen.

THE NUMBERS: The finance ministry expects that South Korea's economy will expand 2.3 percent this year, down from a 3 percent forecast issued three months ago.

THE REASON: The lower forecast stems from the slower-than-expected global recovery, still weak investment and consumption at home and lack of consumer and corporate confidence. The ministry plans to announce details of a new stimulus plan next month.

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