IMF cuts S. Korean economic growth outlook to 4 %

The International Monetary Fund (IMF) said Tuesday that South Korea's economy is projected to grow 4 percent this year, lower than its April estimate of 4.5 percent, citing the "unusual uncertainty in the external environment." In a regular report on the global economy released ahead of the World Bank/IMF Annual Meetings later this week, the Washington-based organization also lowered its growth outlook for the 2011 global economy from 4.3 percent to 4 percent, citing increased downside risks. Advanced economies such as the U.S. and the European Union have been slower than expected in their economic recovery amid persistent budget woes. The IMF slashed its growth outlook for the advanced economies this year from 2.2 percent to 1.6 percent in the updated report