Local think tanks lower economic growth forecasts for 2014Updated: 2014-06-23 06:28:39 KST
Local think tanks have lowered their economic growth forecasts for Korea, affirming expectations that the aftermath of the April's Sewol-ho ferry disaster will continue to put a damper on private consumption.
The state-run Korean Institute of Finance on Sunday revised its forecast down by point-one percentage point to four.one percent, citing the ferry disaster.
Hyundai Research Institute also revised down its forecast to three.six percent,.. adding there's a possibility that the economy will take a detour from its recovery track in the second half of the year.
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