South Korea’s economic outlook for next year is quickly worsening.
 
In the latest monthly compilation of economic outlooks by global think tanks and investment banks, global economic survey firm Consensus Economics said an average of two-point-nine percent has been offered as South Korea’s estimated economic growth rate in 2016.
 
It is down by as much as zero-point-three percentage points from what was compiled a month earlier, and falls far behind a three-point-three percent growth predicted by the Ministry of Strategy and Finance and three-point-two percent by the Bank of Korea.
 
Lee Seung-hoon, a researcher at Samsung Securities, said outlooks for many countries have worsened all together due to contracted trade and sluggish manufacturing activities around the world, but South Korea stands out for its relatively wide margin of decline.  
 
According to Consensus Economics, next year’s growth outlook for the U.S. economy fell from two-point-seven percent in September to two-point-six percent in October.
 
The same margin of decline was also observed for China, whose outlook dropped to six-point-five percent from six-point-six percent, and for Western Europe, which edged down to one-point-eight percent from one-point-nine percent.
 
Japan’s outlook dropped by zero-point-two percentage points to one-point-three percent.
 
Consensus Economics compiles outlooks for countries based on analyses from around 700 economists across the world. The outlook for South Korea was a compilation of work by economists from 18 think tanks and investment banks, including the Economist Intelligence Unit, Goldman Sachs and Nomura Securities.