South Korea trims GDP growth forecast for 2023

ANKARA

South Korea on Tuesday revised its growth forecast for 2023 downwards due to sluggish performance in the first half of the year.

South Korea's gross domestic product (GDP) is projected to grow 1.4% this year, below the previous estimate of 1.6%, the Ministry of Economy and Finance announced.

The economy is predicted to rebound gradually over the second half and begin a full-fledged recovery next year, the Seoul-based Yonhap News reported.

Growth is forecast to pick up pace next year, reaching 2.4%, it added.

The move was in line with the Bank of Korea's decision to cut the growth forecast to 1.4% in May.

Separate data from the ministry showed that South Korea's annual consumer inflation eased to 2.7% in June, the lowest since September 2021.