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South Korea’s Economic Growth Stalls
South Korea's economy grew by a seasonally adjusted 0.4% in last year's fourth quarter compared with 0.9% in the previous quarter and 2.7% in October-December 2013.
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South Korea's economy grew by a seasonally adjusted 0.4% in last year's fourth quarter compared with 0.9% in the previous quarter and 2.7% in October-December 2013. It was the country's smallest gain since 2008.
Analysts blame the slowdown on a decline in exports and spending on infrastructure. Construction investment plunged 9% in October-December, the worst result in 16 years, as shrinking tax revenue prompted government cutbacks.
Economists say the cooling economy may prompt the Bank of Korea to lower its key interest rate for the fourth time in less than two years. The central bank reduced the rate to a record low 2% in October.
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