S. Korea to miss 2005 growth target

S. Korea to miss 2005 growth target

SEOUL: South Korea is likely to miss its 2005 target of five percent economic growth because of weak consumption and falling overseas demand, the finance minister said on Thursday.

"It will be difficult for the economy to achieve the five percent growth target," Han Duck-Soo, the finance and economy minister, told the National Assembly.

It was the first time that the country's economic czar had said that the 2005 economic growth rate would fall short of the government's projection.

"Hopes for a strong recovery for this year following an economic slowdown that began in March 2004 have began to fade due to a weaker-than-expected recovery in domestic consumption and slowing overseas demand," he said. -- AFP