The Asian Development Bank(ADB) has maintained its growth outlook for South Korea for this year at two-point-five percent.

According to the finance ministry on Wednesday, the bank kept its outlook for 2024 consistent with its previous forecast, issued in July, citing strong demand for South Korean semiconductors and automobiles. 

The ADB’s projection matches the latest outlook from the International Monetary Fund and the Korea Development Institute, but exceeds the two-point-four percent growth projected by the Bank of Korea. 

The ADB also kept its growth outlook for South Korea for next year at two-point-three percent. 

The bank kept its inflation forecast unchanged at two-point-five percent for this year and two percent for next year.