The OECD has cut its growth outlook for South Korea's economy this year amid a slowdown in global trade.<br />Lee Seung-jae reports. <br />The OECD on Wednesday released its growth outlook for South Korea's economy in 2019,... projecting it to be 2-point-6 percent.<br />It said the cut was mainly due to a slowdown in global trade.<br />The OECD's previous estimate for South Korea last November was 2-point-8 percent.<br />It also said on Wednesday that South Korea's economy will grow 2-point-6 percent in 2020,... down from its previous forecast of 2-point-9 percent.<br />According to the OECD Interim Economic Outlook,... South Korea's continued fiscal easing and low inflation should support demand,... but exports have slowed sharply,... especially to Asian markets.<br />South Korea's outbound shipments slumped by more than 11 percent on-year last month,... the third straight month that exports have contracted.<br />The numbers suggest South Korea might struggle to reach 600 billion dollars in exports for the second straight year in 2019.<br />The OECD's downward revision comes a matter of days after Moody's slashed its growth outlook for the South Korean economy to 2-point-1 percent,... citing a weakening investment cycle,... the deceleration in global trade,... as well as lower demand in China for intermediate products.<br />However, South Korea is not alone.<br />The OECD says the economic prospects are now weaker in nearly all G20 nations than previously anticipated.<br />It attributed the shaky figures to vulnerabilities in China,... the weakening European economy,... combined with a slowdown in trade and global manufacturing, high policy uncertainty and risks in financial markets.<br />Lee Seung-jae, Arirang News. <br />
