South Korea Lowers Economic Growth Outlook

South Korea's government cut its growth and inflation forecast for 2012 and 2013. The Ministry of Strategy and Finance lowered South Korea's economic growth outlook for 2012 to 2.1%, versus its prior forecast of 3.3%. The ministry also lowered its growth forecast for 2013 to 3.0%, versus its earlier forecast of 4.0%. The ministry expects consumer prices to increase 2.7% in 2013, versus its earlier view of 3.0%.