South Korean economy's growth to stay in mid 2% - IMF

The war between Ukraine and Russia and the ongoing Covid-19 pandemic will send the South Korean economy's growth into the mid 2% range this year, according to the International Monetary Fund (IMF). The IMF revised down its forecast on the gross domestic product growth of Korea by 0.5 percentage points from its earlier suggestion of 3% to 2.5%. The figure is lower than the growth prediction of 2.7% suggested by Fitch Ratings and Moody’s Investors Service, separately, in March and tied with S&P Global Ratings’ 2.5%. The IMF also said the 2022 world economy would expand 3.6%, compared to its January prediction of 4.4%.