Finance ministry projects GDP to expand at slower 1.4% pace
More optimistic on inflation cooling, cutting estimate to 3.3%
South Korea trimmed its growth outlook for 2023, citing uncertainties over momentum in China and the US, the world’s two largest economies.
The finance ministry now sees gross domestic product expanding 1.4% this year, down from a 1.6% forecast in December, according to its mid-year outlook Tuesday. The economy is projected to rebound next year with growth of 2.4%, the statement indicated.