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S&P cuts growth outlook for S. Korea's economy to 2% from 2.4% Updated: 2019-07-10 16:17:35 KST

Global rating agency Standard & Poor's has slashed its economic growth forecast for South Korea from its previous estimate of 2.4 percent to just 2 percent.
S&P explained that high inventories, particularly in the electronics sector, and rising uncertainty about global trade are expected to continue weighing on production and private investment.
It also said that with inflation at just one percent - far below the Bank of Korea's target - the BOK might cut interest rates by a quarter percentage point later this year.
A day earlier, global investment bank Morgan Stanley cut its growth forecast for Korea from 2.2 percent to 1.8.
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