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Morgan Stanley Said South Korea's Gross Domestic Product Is Predicted to Grow 3.7 in 2012

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Core prompt: Yonhap reported that the South Korean economy will likely expand at a lower than expected rate in 2013 due to the sluggish economic recovery in advanced countries. Morgan Stanley said tha

Yonhap reported that the South Korean economy will likely expand at a lower than expected rate in 2013 due to the sluggish economic recovery in advanced countries.

Morgan Stanley said that South Korea's gross domestic product is predicted to grow 3.7 in 2013,down from its earlier estimate of 3.9%,as the recovery momentum of Asia's fourth largest economy remains weak.

Although the country's exports and domestic demand are expected to recover in the October to December 2012 period,the sluggish revival of the global economy will come as a major drag on the export driven economy.

Morgan Stanley also downgraded the growth outlook for the Korean economy this year to 2.3%from an earlier 2.8%.Morgan Stanley predicted South Korea will maintain its current key interest rate for 2013 due to rising concerns over possible inflation.

The Bank of Korea left the benchmark 7 day repo rate unchanged at 2.75%for November 2012.The bank lowered the rate in July 2012 and October 2012.

Meanwhile,the investment bank said the won's recent appreciation against the US dollar will have only a minimal impact on the country's exports as it pales before the local currency's surge in 2008.

In the past two months,the local currency has gained approximately 4%against the greenback,raising concern that exporters'overseas earnings may worsen as a strong won makes exports more expensive in foreign markets.

 
 
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