Seoul: The Asian Development Bank (ADB) revised up its outlook for South Korea’s economic growth this year to 2.5%.
The ADB said in its latest report on the Asian economy for July that it raised its forecast for Korean economic growth to 2.5% for this year, an increase of 0.3% from its April forecast, Seoul’s finance ministry said Wednesday.
The ADB said the rosier forecast came as Korean exports remained strong on rising demand for semiconductors, among other items.
The latest projection is on par with that made by the International Monetary Fund and the Bank of Korea. The South Korean government and the Organization for Economic Cooperation and Development (OECD) presented a 2.6% expansion.
The Manila-based bank maintained the growth outlook for 2025 at 2.3% and kept the forecast for inflation for this year unchanged at 2.5% and 2 % for next year.
Exports, a key growth engine, rose 5.1% on-year to US$57 billion in June, the ninth straight monthly gain, as chip exports surged 50.9% to reach an all-time
monthly high, according to government data.
Source: Qatar News Agency