IMF-growth outlook

IMF trims growth estimate for S. Korea's economy to 3.2 pct SEJONG, Feb. 19 (Yonhap) -- The International Monetary Fund (IMF) has cut its 2013 growth outlook for South Korea's economy to 3.2 percent, government sources said Tuesday. The outlook is down from 3.6 percent predicted by the IMF in October. The projection is still higher than the Seoul government's projection that the economy will expand 3 percent this year. The revision was submitted to the Group of 20 member countries before they held their meetings in Moscow last week, according to the sources. The move comes as the IMF cut its 2013 growth outlook for the global economy from 3.6 percent to 3.5 percent last month, citing a delayed eurozone recovery. The IMF's estimate is the latest in a series of growth revisions for South Korea. The Bank of Korea lowered its outlook for South Korea from 3.2 percent to 2.8 percent in January. The government also cut its growth projection from 4 percent to 3 percent in December. The South Korean economy is facing tough external market challenges stemming from the prolonged eurozone debt crisis and less demand for its products from major advanced countries. Meanwhile, the IMF forecast that South Korea's economy will grow 3.9 percent next year, the sources said. kokobj@yna.co.kr (END)