SEOUL, South Korea – South Korea’s central bank has lowered its forecast for the country’s growth in 2017 due partly to the fallout from a massive influence-peddling scandal.
Bank of Korea said Friday that the economy will likely expand 2.5 percent this year, slower than its October prediction of 2.8 percent growth. It said Asia’s fourth-largest economy will grow 2.8 percent in 2018.
The bank cited weak private consumption because of meager income growth, heavy household debts and the political uncertainties from the scandal.
