South Korea cuts growth outlooks for 2012 & 2013 on debt crisis, cliff

In a biannual economic outlook, the finance ministry revised its earlier estimate of 4 percent growth in 2013 to 3 percent, and the 2012 estimate from 3.3 percent to 2.1 percent.

“The economy continues to slow ... as global demand dragged down by prolonged eurozone debt crisis and lingering uncertainty dampen sentiment,” the ministry said in a statement.

The growth of Asia's fourth-largest economy will continue to be limited in the first half 2013, but will “slightly improve” in the latter half when its major markets are expected to show signs of recovery, it added.

Exports account for about a half of the South's economy and have been pummeled recently by a general slowdown in developed countries.

But the ministry predicted overseas shipments of cars, mobile gadgets and other products and services would increase 4.3 percent next year after shrinking 1.3 percent in 2012.

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