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Time for structural reform

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Falling growth potential weighs down on economy

One of the more serious risks for the lackluster Korean economy is the continuing fall in its growth potential. This risk has already eroded economic vitality and is threatening sustainable growth. Without taking comprehensive measures, the country will not be able to avoid any looming economic woes.

A report released Monday by the Bank of Korea (BOK) predicts the country's growth potential will shrink further and faster than previously anticipated. The central bank estimated the growth potential for 2016-2020 at between 2.7 percent and 2.8 percent, down from its earlier projection of 2.8 percent to 2.9 percent.

The BOK also put the figures for 2019 and 2020 much lower at 2.5 percent to 2.6 percent. The problem is that Asia's........

© The Korea Times