reply Korea media: South Korea considers lowering economic growth forecast to reflect weak performance of

Global Times Special Correspondent Han Wen】The South Korean government is expected to lower its economic growth forecast for this year by 0.1%-0.2% from the existing 1.6% to reflect the weak performance of the country's semiconductor industry, Yonhap News Agency reported on May 25.　　South Korea's "World Daily" quoted sources in the South Korean government as saying that the Ministry of Planning and Finance will release its "economic policy direction for the second half of the year" next week, and is currently making final adjustments to this year's economic growth forecast. Previously, South Korea's Deputy Prime Minister of Economy and Minister of Planning and Finance, Chew Kyung-ho, had already revealed that the initial economic growth forecast would be slightly lowered. Sources at the Ministry of Planning and Finance said that although the forecast value has not yet been determined, but from the recent economic trend, the downward adjustment will not be too big.　　Last month, the Bank of Korea lowered its economic growth forecast for this year from 1.6% to 1.4%. The Korea Development Institute (KDI) lowered its growth forecast from 1.8% to 1.5%. The Organization for Economic Cooperation and Development (OECD) and the International Monetary Fund (IMF) also forecast 1.5% growth for Korea's economy.　　South Korea's semiconductor exports have continued to decline since August 2022, and in May this year, the country's semiconductor exports were $7.37 billion, down 36.2% year-on-year. South Korea's central bank governor Lee Chang-yong said the chip industry will bottom out in the fourth quarter.　　South Korea's "Seoul Economy" said that South Korea's main export product semiconductors on the economy of the aftermath of the shock. Semiconductors, batteries and other cutting-edge strategic industries that have a huge impact on the economy, due to "deteriorating external conditions", reducing the contribution to economic growth. According to a report released by the Hyundai Economics Research Institute on the 25th, a 10% increase in sales of semiconductor and battery companies will contribute 0.248% to the growth rate of the Korean economy. Therefore, there are voices that government policy support is imminent if South Korea wants to maintain its status as a manufacturing powerhouse.　　According to the World Journal, the variable of the Korean economy in the second half of the year is still exports. In order to revitalize the economy in the second half of the year, the South Korean government plans to focus on exports and investments, and will make efforts in areas such as infrastructure and food, in addition to semiconductors and displays.