South Korean central bank lowers GDP forecast
South Korea's central bank has reduced its South Korea's economic growth forecast to 4.7% for 2004 and to 4% for 2005. The decline in the growth forecasts is attributed to the slowing exports and weak domestic demand. Previously, the Bank of Korea had projected an economic growth of 5.2% for 2004. The government's target for 2005 is 5%. GDP (Gross Domestic Product) growth is expected to fall to 3.5% in the fourth quarter after 4.6% growth recorded in the third quarter. According to the report, for 2005, economy may grow by 3.4% in the first half, by 4.4% in the second half and by 4% for the whole year.