LGERILG Economic Research Institute (South Korea)
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"It is inevitable that the local economy, which is highly dependent on exports, will see its growth slow down this year with weakening global trade," the LGERI said.
In addition, the LGERI painted a gloomy picture of the country's growth potential down the road.
Noting the slump in exports and manufacturing is likely to last for a long period of time, the LGERI suggested the country rely more on the domestic-focused service industry for its economic growth.