May 16, 2019 / 3:14 AM / 2 months ago

South Korea's economic growth could fall in 2020s: think-tank

People shop at a supermarket in Seoul May 2, 2011. REUTERS/Truth Leem/Files

SEOUL (Reuters) - South Korea’s slowing population growth and stalled productivity could reduce its annual average economic growth to 1.7% during the next decade from 3.0% seen so far this decade, the country’s top government think-tank said on Thursday.

If industry does succeed in improving productivity annual economic growth could average 2.4% in the 2020s, Korean Development Institute (KDI) said.

Economic growth slowed to 2.7% last year from 3.1% in 2017 and the central bank sees it further slowing to 2.5% this year, although the Bank of Korea’s forecast is still above projections made by private-sector organisations.

Reporting by Choonsik Yoo; Editing by Simon Cameron-Moore

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