South Korea sees annual growth ‘slightly lower’ than 1.6%

SEOUL (Reuters) – South Korea’s finance minister said on Thursday this year’s economic growth would likely be lower than the government’s previous projection of 1.6%.

The government will “slightly lower” the growth forecast for this year when it releases its biannual policy plans in late June or early July, Finance Minister Choo Kyung-ho said during a media event.

The government is not considering a supplementary budget for this year and does not plan to do so for a while, Choo said.

Choo said the country’s inflation, which cooled to a 19-month low in May, was still high and controlling it would remain as the top priority for a while.

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