South Korean economy grows faster in Q2

South Korea's gross domestic product (GDP) grew 0.7% on-quarter in Q2, accelerating from a 0.6% increase in Q1, according to Bank of Korea's advance estimate. The central bank said private spending picked up in Q2 due to eased COVID-19 restrictions. On April 18, South Korea lifted most COVID-19 restrictions, except the mask mandate, in a major step toward returning to pre-pandemic life. The increase marked the eighth straight quarterly growth since Q3 2020, when the country's GDP rose 2.3% on-quarter. The BOK said if the South Korean economy grows 0.3% on-quarter in both Q3 and Q4, the yearly growth is likely to meet its forecast of 2.7%.