The South Korean economy is expected to grow 3.2 percent this year, slowing from last year's 3.6 percent growth, due to continuing effects of the Eurozone financial crisis, a report said Tuesday. According to the report by the Korea Institute for Industrial Economics and Trade (KIET), the economy is expected to grow 3.5 percent in the second half of the year following its 3-percent expansion in the January-June period. "The country's economy is expected to record an annual growth of 3.2 percent in 2012 due to a slowdown of the global economy, especially in advanced countries," the report said. "The course of the Eurozone crisis will continue to be the largest single factor to affect the global economy, oil prices and the currency market." The report noted the growth of the country's exports will also significantly slow down from a year before due to the global economic downturn. South Korea's exports are expected to reach US$572 billion this year, up 3 percent from 2011 when exports surged 19 percent on-year to $5.55 billion, South Korea's News Agency (Yonhap) reported. The country's imports, on the other hand, will likely grow 5.2 percent to nearly $5.52 billion, cutting the country's trade surplus to about $20.1 billion, down from $30.8 billion last year, the report said.