A local think tank has predicted that South Korea’s economy will grow by two-point-six percent this year. 

The Korea Institute for Industrial Economics and Trade(KIET) on Monday shared the annual outlook which combined a prospect of two-point-eight percent growth for the first half of the year and two-point-five percent for the second half. 

The institute noted improvements in economic conditions from the pandemic fallout, while continued growth in consumption also remains viable. 

However, it cited the protracted war in Ukraine, tightened monetary policies to tame inflation and supply chain disruptions as downward pressures on the economy. 

China’s quarantine and economic policies and possible economic recessions in developing countries were also cited as notable variables to consider, along with household debt and loan regulations within South Korea.