ADB expects South Korea’s growth in 2023 at 1.5%

The Asian Development Bank (ADB) has downgraded its forecast for South Korea's growth for next year. The Manila-based bank said South Korea's gross domestic product is expected to grow 1.5% in 2023, lower than its September forecast of a 2.3% rise. In its report, the ADB cited growing external uncertainties, including the slowing global economy and rising energy costs. South Korea depends heavily on imports for its energy needs. As for inflation, the ADB expected prices in South Korea to rise 3.2% on-year in 2023, up 0.2% from the previous outlook. For this year, inflation in South Korea is expected to rise 5.1%, up 0.6% from the September forecast. The slowing Chinese economy, the Russian-Ukraine war, and the global economic slowdown are three “main headwinds” confronting the Asian economy.