The finance ministry¹ now expects the economy to grow by 2.3% in 2013, down from its earlier projection² of 3%.

 

Exports, which account for almost half of South Korea's overall output, have been hit by weak demand from markets such as the US and the eurozone. 

 

The ministry said that it would unveil a series of stimulus³ measures in the coming days aimed at reviving growth.

 

South Korea's economy expanded by 2% in 2012, the slowest pace in three years. 

 

 

South Korea's exports have also come under pressure from the recent weakness in the Japanese currency.

 

The yen⁴ has dipped nearly 20% against the US dollar since November last year, making Japanese goods more affordable⁵ to foreign buyers. 

 

Meanwhile, the South Korean won has risen by nearly 10% against the US dollar since May, making South Korean goods more expensive.

 

There are concerns that with Japan and South Korea competing in similar markets, South Korean goods may lose out as a result of fluctuations⁶ in the currency.

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