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POST TIME: 23 January, 2019 00:00 00 AM
South Korea growth falls to 2.7pc, slowest in six years
AFP, Seoul

South Korea growth falls to 2.7pc, slowest in six years

South Korea’s GDP growth slowed to its weakest in six years at 2.7 per cent in 2018, the central bank said yesterday as President Moon Jae-in’s ratings fall amid concerns over the health of the world’s 11th-largest economy.

Public discontent over the sluggish economy, especially on relatively high youth unemployment, has dragged Moon’s approval ratings below 50 per cent, down from the 80s he was scoring in May after his first summit with the North’s leader Kim Jong Un.

Critics say Moon’s flagship economic policy of “income-led growth”—featuring steep increases in the minimum wage—is hurting those it is intended to help by raising employment costs.

A lack of progress in denuclearisation talks between Pyongyang and Washington has also left many unsatisfied with the Moon government.