(MENAFN) South Korea's government has adjusted its 2018 growth forecast for the economy over fears about the U.S. protectionist actions which can spark a global trade conflict.
The Ministry of Strategy and Finance confirmed that real gross domestic product (GDP), adjusted for inflation, was expected to increase by 2.9 percent in 2018, which is lower than the estimate of 3.0 percent expansion declared six months earlier.
The ministry has resolved that the U.S. protectionist actions were the major reason for the slow revision.
The South Korean economy, which heavily depends on exports for growth, was predicted to be dropped by the trade war, particularly in the second half of this year.€ƒ
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