BENGALURU : South Korea's economic growth likely slowed a bit last quarter as languishing exports and high interest rates hurt private consumption that accounts for about half of the economy, a Reuters poll of economists found.While exports from Asia's fourth-largest economy declined in June, imports also
BENGALURU : South Korea's economic growth likely slowed a bit last quarter as languishing exports and high interest rates hurt private consumption that accounts for about half of the economy, a Reuters poll of economists found.
On a year-on-year basis, gross domestic product was expected to have expanded 0.8 per cent in the April-June period, according to the median forecast of 22 economists, slightly slower compared to a revised 0.9 per cent growth in January-March. "GDP growth...is expected to be at a similar pace to the first quarter, due to sluggish exports and manufacturing sector, weak investment as well as smaller government spending," said Park Sang-hyun, economist at HI Investment and Securities.
Initial hopes for an economic boom in China, buoyed by the ending of COVID pandemic-led lockdowns, have been dashed as the world's second-biggest economy is now projected to grow just 5.5 per cent this year and 4.8 per cent next.
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