Major think tanks of South Korea said the country's economic growth for next year may dip to the 3 percent range due to the cut back of consumption and investment amid global financial turmoil, South Korea's Yonhap news agency reported on Wednesday.
The Korea Economic Research Institute (KERI) predicted South Korea's economic growth to fall off to around 3.8 percent in 2008,struck by the weak global economy.
However, the think tank said if the country is able to implement broad tax cut measures and further deregulation, reaching 4.2 percent of growth may be possible.
LG Economic Research Institute (LGERI) also expected growth to fall to mid 3 percent levels considering all possibilities.
Most of the economic research institutes believed that the nation's economy will grow around mid 3 percent to lower 4 percent next year.
They also shared view that recovery may only be possible after the second half of next year.
Before the financial turmoil in the U.S. market, the private think tanks originally predicted the nation's growth to be over 4 percent.
Source: Xinhua
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