South Korea Trims GDP Growth Forecast for 2023
13:00 - July 17, 2023

South Korea Trims GDP Growth Forecast for 2023

TEHRAN (ANA)- South Korea revised its growth forecast for 2023 downwards due to sluggish performance in the first half of the year.
News ID : 3075

South Korea's gross domestic product (GDP) is projected to grow 1.4% this year, below the previous estimate of 1.6%, the Ministry of Economy and Finance announced.

The economy is predicted to rebound gradually over the second half and begin a full-fledged recovery next year, the Seoul-based Yonhap News reported.

Growth is forecast to pick up pace next year, reaching 2.4%, it added.

The move was in line with the Bank of Korea's decision to cut the growth forecast to 1.4% in May.

Separate data from the ministry showed that South Korea's annual consumer inflation eased to 2.7% in June, the lowest since September 2021.


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