South Korea on Monday flagged a deeper economic slowdown than expected at least through the first half of next year, and extended sales tax breaks on some fuel oil products and passenger cars by a few months.
"Our economy's growth is expected to slow next year due to the effects from a global economic slump, and the difficulty will be focused on the first half," Finance Minister Choo Kyung-ho said at a meeting with the ruling party leadership, adding the economy was slowing at a more rapid pace than expected.
South Korea's economy, the fourth-largest in Asia, relies heavily on exports ranging from cars and ships to chips and smartphones. It is widely expected to see growth fall below 2% next year from close to 3% this year.
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