The outlook on the South Korea economy is falling as the global economy is predicted to post lower growth this year over last year.
 
According to Bloomberg on Sunday, 32 foreign investment banks and economic analysts predict that the global economy will grow an average of two-point-nine percent this year, compared to last year’s three-point-one percent growth.
 
Morgan Stanley said in its recent 2016 global economic outlook that South Korea, suffering from sluggish exports, may post growth of one percent this year.
 
If the prediction is materialized, the South Korean economy would post the lowest growth since 2009, when it grew seven tenths of a percent amid the global financial crisis.
 
The Bank of Korea, which presents growth outlooks every three months, lowered its 2016 growth forecast for South Korea to three percent in January from its previous forecast of three-point-two percent.
 
The Korea Development Institute projected that if the global economy expands at last year’s level of three-point-one percent in 2016, South Korea will only grow about two-point-five percent this year.