ADB cuts 2022 growth forecast for S Korea

The Asian Development Bank (ADB) has reduced its 2022 growth outlook for the South Korean economy to 2.6% amid the ongoing Ukraine crisis and aggressive monetary tightening by major countries. The latest estimate is lower than the 3% growth forecast made in April. The ADB, however, maintained its earlier forecast for a 2.6% growth for next year. In June, the Seoul government also lowered its 2022 economic growth outlook to 2.6% from its earlier forecast of 3.1%. The Bank of Korea also revised down its growth projection for this year to 2.7% from a 3% rise projected three months earlier. The ADB also lowered its 2022 average growth outlook for 46 developing Asian countries to 4.6% from 5.2% . It forecasts those countries to grow 5.2% in 2023.