S. Korea`s economy to cool to low 3 pct range in 2009

SEOUL, Nov. 21 (Yonhap) -- South Korea's economic growth will likely slow to the low 3 percent range next year as exporters reel from a looming global recession amid stubbornly weak domestic consumption, a senior bank executive said Friday.
The forecast by SC First Bank Vice Chairman Oh Kap-soo is in line with a 3.3
percent growth forecast for next year projected last week a government-run
research agency, the Korea Development Institute (KDI).
"Hurt by sluggish exports to advanced economies and stagnant domestic demand, the
local economy is expected to grow at a pace near the lower end of the 3 percent
range next year," Oh said in a meeting with business leaders hosted by the
Federation of Korean Industries.
Stung by the fierce global financial crisis, South Korea's economy is already
sharply slowing.
The KDI expected the local economy, which expanded five percent in 2007, to grow
4.2 percent this year, compared with its previous projection of 4.8 percent.
(END)