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Global ratings agency Fitch Ratings and investment firm Goldman Sachs both reduced their growth forecasts for South Korea.
Fitch cut Tuesday the estimate of Korea's GDP growth for 2019 to 2%, down from 2.5%, citing the economy down 4% in the first quarter, as well as sluggish exports and Semiconductor prices down.
Goldman Sachs also lowered Korea's growth forecast by two points to one point to two percentage points, citing prolonged trade tensions between the United States and China.
Goldman Sachs had previously forecast that the Bank of Korea would maintain its key rate, but now indicates that there will likely be two rate cuts by next year.
The lowered forecasts follow similar actions by the World Bank, the OECD and the Bank of Korea.
#GoldmanSachs #Fitch # 2019 #growth #forecast # South Korea
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