South Korea cuts 2016 growth outlook, holds interest rates

South Korea on Tuesday cut its outlook for economic growth and inflation this year blaming slumping exports but kept interest rates on hold saying it expected to see a modest pick-up in the second quarter. Asia's fourth largest economy has slowed down in recent years as it struggles to overcome a growing jobless rate, mounting consumer debt and weak global demand for its exports, especially key market China. On Tuesday the central Bank of Korea said it expects 2016 expansion of 2.8 percent, down