South Korea's economy expected to grow 3.4% next year

South Korea's economy is expected to grow 3.4 percent next year, a private think tank said Sunday, presenting less optimistic views than the government on the state of the economy. The growth outlook by the Korea Economic Research Institute is lower than the government's 3.9 percent growth. It is also lower than the Bank of Korea's growth projection for next year. Last week, the central bank revised its growth projection for next year from 4 percent to 3.8 percent. The think tank attributed its 2014 outlook to the still-lingering uncertainty from the U.S.'s move to roll back its stimulus measures coupled with weak consumption and investment sentiment on the domestic front. It also predicted that the country's current account surplus will narrow to about US$50 billion next year from $61.8 billion projected for this year. The forecast is based on the assumption that the won-dollar exchange rate will stay at an average of 1,074 won next year from about 1,100 won this year, it added.