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South Korea's economy forecast to grow at slowest rate in 7 years

Central bank's calculation of 2.6% growth this year pressures President Moon

A large part of South Korea's economy is dependent on big conglomerates like Samsung, whose electronics division took a 28.7% operating profit tumble in the last fiscal quarter.   © Reuters

SEOUL -- After decelerating to its slowest pace in six years in 2018, South Korea's economy is set to further brake in 2019. The Bank of Korea on Thursday projected growth of 2.6% over the next 12 months, down from 2.7% last year.

The forecast comes two weeks after President Moon Jae-in pledged to revive Asia's fourth-largest economy. Now Moon, whose approval ratings are slumping, will be under even more pressure on the economic policy front.

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