South Korea’s government promised policy support and deregulation to boost economic growth which it expects to slow next year at a much faster pace than expected previously. | Reuters
SEOUL -South Korea’s government on Wednesday promised policy support and deregulation to boost economic growth which it expects to slow next year at a much faster pace than expected previously.
The government predicted Asia’s fourth-largest economy would see growth slowing to 1.6 percent in 2023 from an estimated 2.5 percent this year, more pessimistic than the central bank’s forecast made in November for 1.7 percent growth.Finance Minister Choo Kyung-ho told a news conference the lower growth forecast reflected the worsening global economic outlook.
South Korea’s export-driven economy is faced with cooling global demand after a wave of monetary policy tightening by major central banks and high inflation.
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