Seoul - Qna
South Korea\'\'s economy is expected to slow down next year, affected by growing uncertainties from the eurozone debt crisis and a possible global recession, the finance ministry said Monday. South Korea\'\'s economy will grow 3.7% next year, slowing from 3.8% projected for this year, according to the ministry. The 2012 growth outlook is far lower than a 4.5% gain the government forecast back in September. The projection is part of the 2012 economy management plan, which includes the government\'\'s broad policy stance focusing on pursuing what it calls \"growth in stability\" for the time being in order to tide over heightening global uncertainties, according to South Korea\'\'s News Agency (Yonhap). The growth outlook assumes that the global economy will grow 3.4% next year with oil prices reaching around US$100 per barrel. \"The Korean economy is slowing down as the external conditions are becoming unfavorable. Inflation is easing, but upward pressure from the demand side is continuing. The recovery has not been felt enough by the working class and potential risk factors and structure problems remain,\" the ministry said. The economy policies for next year focus on boosting domestic demand and creating a favorable investment environment as part of efforts to cushion the economy from outside turmoil. The government also seeks to strengthen its overall economic health for sustainable growth, while stabilizing the livelihoods of ordinary people faced with difficulties from high unemployment and inflation. The outlook comes amid heightening global uncertainties stemming from the eurozone fiscal debt crisis and worries that a prolonged turmoil in Europe could dampen the worldwide economic growth. South Korea is paying close attention to how the eurozone debt crisis is headed as its economy depends heavily on exports for growth. Exports will likely be hard hit by bleak global market conditions. The ministry forecast that the nation\'\'s exports will expand 7.4% next year, far slower than a 19.2% expansion for this year. Import growth will also slow from 23.2% to 8.4 %. Providing an overview of how the government sees the economic conditions at home and abroad next year, the report also offered its projections on key indicators, including consumption, employment and investment. Private consumption will expand 3.1%, up from this year\'\'s 2.5%, but facility investment will only grow 3.3%, down from 4.3% in 2010, it stated. As companies face toughened business conditions, they are feared to remain reluctant to hire. The ministry expects the economy will add 280,000 jobs next year, which will be lower than this year\'\'s 400,000 gain. The jobless rate, however, will stay around 3.5%, a similar level to this year, the ministry said. The ministry, meanwhile, cut its current account surplus from $25 billion this year to $16 billion next year amid the global economic slowdown. Consumer prices will rise 3.2% next year, compared with 4% growth for this year.