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S. Korea Economy Will Meet 2016 Growth Forecast Despite Samsung Note 7 Risk

Reuters

First published: October 17, 2016, 11:44 AM IST | Updated: October 17, 2016
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S. Korea Economy Will Meet 2016 Growth Forecast Despite Samsung Note 7 Risk
Workers take a billboard of Samsung Electronics' Galaxy Note 7 off from atop a building in central Seoul, South Korea, October 14, 2016. (Image: REUTERS/Staff/Files)

South Korea's economic growth is still expected to meet the government's expectations this year, although recent strikes at Hyundai Motor Co and the discontinuation of Samsung Electronics Co Ltd's Note 7 sales pose downside risks, the deputy finance minister said on Monday.

Lee Chan-woo told a news briefing on Monday that Samsung Electronics' troubles could have a negative impact on the country's growth, particularly in the third and fourth quarters.

Note 7 has been in the news worldwide as it has been known to explode and considered unsafe for humans to use. In US passengers and flight crews are banned from bringing Samsung Galaxy Note 7 smartphones on airline flights under an emergency order issued by the Department of Transportation in response to reports of the phones catching fire.

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