South Korea Says Global Economy Deteriorating on Europe Crisis

South Korea’s Finance Ministry said economic growth momentum is weak and the global outlook is worsening, highlighting concern that a deepening crisis in Europe may further curb demand for exports.

“Conditions are deteriorating in the global economy with the European fiscal crisis resurfacing,” the Finance Ministry said today in a report to parliament. “There is a concern that financial market unrest in the Euro zone may lead to fallout in the real economy in Europe.”