Bank of Korea trims growth outlook, holds key rate

(AP) South Korea's central bank cut its forecast for the country's economic growth this year due to slower corporate investment.

The Bank of Korea on Friday lowered its 2013 forecast for Asia's fourth-largest economy to 2.8 percent from 3.2 percent forecast in October.

The bank said investment by companies would grow more slowly than expected because of uncertainties about the global economic outlook.

Gov. Kim Choong-soo said the bank left its key interest rate unchanged at 2.75 percent.

Kim said growth is dependent on corporate investment as there is not much room for consumers to increase spending.