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South Korea Cuts 2015 Growth Forecast, Warns On External Risks

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South Korea lowered its growth forecast and said it will revise capital controls to guard against higher U.S. interest rates and other external risks to Asia’s fourth-biggest economy.

The economy will expand 3.8 percent next year, less than a July estimate of 4 percent, the finance ministry said, citing weaker-than-expected domestic demand. The ministry may revise rules in 2015 on currency forwards and foreign currency liabilities to prevent abrupt outflows, a statement showed.

South Korea’s domestic economic conditions have weakened since July, the ministry said, and increasing financial market volatility stemming from a weak yen and a looming interest rate increase in the U.S. cloud the growth outlook. President Park Geun Hye has loosened mortgage rules and introduced 31 trillion won of stimulus and a record budget for 2015 to spur growth.

“Our policies have remained expansionary, but consumer and investment sentiment in the private sector didn’t improve as much as they should have,” Lee Chan Woo, director general at the ministry told reporters.

It's like the 1930's all over again.

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