That would be slower than growth of 5 percent in 2007 and down from an earlier forecast of gross domestic product of 4.7 percent in 2008.

“It seems like the economy is unlikely to surpass the 4.5 percent growth this year; it could come even below that level,” Bank of Korea Gov. Lee Seongtae said at a press conference following the central bank’s decision to hold its key interest rate steady at 5 percent.

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