South Korea's economic growth will be slower than earlier expected this year due to a slowdown in outbound shipments the central bank chief said Tuesday. Earlier, the Bank of Korea (BOK) had expected Asia's fourth-largest economy to grow 2.4 percent this year, but the expansion may be slower than the estimate at between 2.2 percent and 2.3 percent, BOK Gov. Rhee Chang-yong told lawmakers. "It is highly likely to see this year's growth rate be lower than our earlier expected rate of 2.4 percent," Rhee said. "I think the rate will be at between 2.2 and 2.3 percent." The country's economy grew at a slower-than-expected rate of 0.1 percent on-quarter in the third quarter of the year amid softening export growth, upping the possibility that the central bank may conduct another rate cut earlier than expected after its first rate reduction in over three years this month. The third-quarter figure is sharply lower than the market expectation of a 0.5 percent gain, and compares with the 0.2 percent on-quarter contr action in the April-June period and the 1.3 percent advance in the first quarter of the year. On a yearly basis, South Korea's economy grew 1.5 percent in the third quarter, slowing from 2.3 percent growth for the second quarter of the year. "In terms of value, exports still remain solid, but due to one-off factors, such as strikes in the auto sector and increased competition, overseas shipments declined," Rhee said. As to the central bank's rate decision next month, the BOK chief said the bank will consider various factors, such as the outcome of the U.S. presidential election, the Federal Reserve's rate decision and household debts. Rhee said it is not urgent to map out economy-boosting measures and the central bank is fully mindful of the currency rates as well. "We don't need economy-boosting steps via fiscal policy," he said. The BOK chief said last week that the weakness of the Korean won is emerging as a factor in rate decisions amid the slowing economy. He also said the country has enough forei gn reserves to smooth out any volatility in the currency market, if necessary, stressing that the country has ample foreign exchange stabilization funds. Source: Yonhap News Agency