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IMF Slashes S. Korea's Growth Outlook to 2.3%

Written: 2022-07-27 07:47:57Updated: 2022-07-27 16:25:57

IMF Slashes S. Korea's Growth Outlook to 2.3%

Photo : YONHAP News

The International Monetary Fund(IMF) has cut its economic growth outlook for South Korea for this year to two-point-three percent.

The organization issued a revised outlook for some 30 major countries on Tuesday, in which it marked down its forecast for Asia’s fourth largest economy by zero-point-two percentage points from three months ago.

The downward revision appears to have reflected the potential impact of a slowing global economy on the nation’s export-driven economy.  

Citing such concerns as inflation, China’s slowdown, Russia’s invasion of Ukraine and COVID-19, among other factors, the IMF also lowered its global economic growth outlook this year to three-point-two percent, down by zero-point-four percentage points from April.

Growth forecasts were slashed for many other advanced countries, including the U.S., which is now expected to grow two-point-three percent this year, compared to a forecast of three-point-seven percent in April.

China, Germany and France were each subject to more moderate downward revisions and are projected to grow three-point-three percent, one-point-two percent and two-point-three percent, respectively.

As for next year’s growth, the IMF reduced its outlook for South Korea by zero-point-eight percentage points to two-point-one percent, while the estimate for the global economy dropped by zero-point-seven percentage points to two-point-nine percent.

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