ADB Maintains Growth Forecast for Korea

The Asian Development Bank has forecast that Korea's economy will grow 1.3 percent this year.

In a report released on Wednesday, the ADB kept its growth outlook for Korea unchanged from July, when it lowered by 0.2 percentage point its previous forecast issued in April.

The figure is slightly below projections by the OECD and other organizations.

The OECD on Tuesday projected Korea's growth rate at 1.5 percent, unchanged from its June forecast. However, its projection has been continuously falling from the 2.7 percent forecast it issued in December 2021.

Experts say sluggish exports and China's slower-than-expected recovery are the major factors in the slowing growth rate.

The ADB and OECD have also kept their outlooks for next year unchanged from June's projections at 2.2 percent and 2.1 percent, respectively.