South Korea: Economic growth in 2022 to slow sharply

SGGP 03/08/2023 08:36

Yonhap cited data released by the Bank of Korea (BoK) on March 7 saying that South Korea's gross domestic product (GDP) growth - the main growth measure - in 2022 will only reach 2.6%, much lower than the 4.1% increase in 2021.

Cargo containers are unloaded at Busan port, South Korea. Photo: Yonhap/VNA

This is also the slowest growth since 2020, when Asia's fourth-largest economy witnessed a 0.7% decline due to the impact of the Covid-19 pandemic.

The BoK attributed the slower economic growth to weak export growth amid a decline in sales of semiconductors and other goods. The BoK also recently lowered its growth forecast from 1.7% to 1.6%. This figure is similar to the South Korean government 's assessment, while the Asian Development Bank (ADB) forecasts 1.5%, the LG Economic Research Institute (Korea) forecasts 1.4% and the average forecast of nine major overseas investment banks is 1.1%.

Source: https://www.sggp.org.vn/han-quoc-tang-truong-kinh-te-nam-2022-giam-manh-post681252.html