The Asian Development Bank(ADB) has slashed its growth outlook for South Korea for both this year and next year. 

In its latest Asian Development Outlook report on Wednesday, the ADB said the country’s economy will grow two-point-two percent this year and two percent next year, zero-point-three percentage point decreases from its September forecasts in both cases.
 
The ADB said that although domestic demand is expected to improve due to interest rate cuts, the country’s chip exports are likely to slow down. 

As for inflation, the bank expects it to reach two-point-three percent this year, a zero-point-three percentage point decrease from its September forecast. 

For the Asia-Pacific region, the ADB projected growth of four-point-nine percent for this year and four-point-eight percent for next year, with both figures representing zero-point-one percentage point downgrades.