South Korea is considering lowering this year’s economic growth forecast to reflect sluggish performance by the semiconductor industry, Yonhap News Agency said.
The South Korean government might cut its projection to 1.4 to 1.5 percent from 1.6 percent, Yonhap reported, citing unidentified officials. from the South Korean Ministry of Finance.
South Korea has not announced when it would release its economic policy direction for the second half of the year or its detailed contents, the finance ministry said in an e-mailed statement about the Yonhap report.
Photo: AFP
Last month, the Bank of Korea revised down its forecast for the year to 1.4 percent from 1.6 percent in February.
Bank of Korea Governor Rhee Chang-yong cited a downturn in the chip industry, which he said would bottom out in the fourth quarter.
The Organisation for Economic Co-operation and Development and the Korea Development Institute, a state-funded think tank, predict growth of 1.5 percent for this year.
Meanwhile, South Korean airlines are temporarily suspending some flights to China as demand withers amid strained relations between the two countries, Yonhap reported.
Korean Air Lines Co will halt its Gimpo-Beijing route from Aug. 1 through Oct. 28, Yonhap reported on Saturday, citing unidentified industry sources.
The airline is also suspending flights to and from Gimpo to China’s Xiamen starting on Aug. 9 through Oct. 28, Yonhap said.
Asiana Airlines Inc will temporarily stop flights between Gimpo and Beijing from July 6, and suspend the Incheon to China’s Shenzhen service starting July 8, the report said.
Asiana’s flights between Incheon and Xian in China have been halted since June 20, Yonhap said.
All the flights are to resume on Oct. 28, Yonhap said.
Relations between Seoul and Beijing have soured since the South Korean government denounced China for committing a “serious diplomatic discourtesy” after a Chinese official said recent comments by South Korean President Yoon Suk-yeol on Taiwan amounted to verbal meddling, Yonhap reported.
Ties between the two countries have never fully recovered after China opposed the US deployment of the Terminal High Altitude Area Defense anti-missile defense system about six years ago.
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