SEOUL, 11th December, 2024 (WAM) -- The Asian Development Bank (ADB) has lowered its 2025 growth outlook for the Korean economy to 2 percent, Seoul's finance ministry said Wednesday.
The latest figure marks a 0.3 percentage-point fall from its earlier projection presented in September, the ministry said, citing the latest report by the Manila-based bank.
According to Yonhap News Agency, the projection is on par with the forecasts by the International Monetary Fund (IMF) and the Organisation for Economic Cooperation and Development (OECD).
The ADB said the country's export momentum is likely to slow due to the downturn in the semiconductor sector despite interest rate cuts and improved government policies.