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The Asian Development Bank (ADB) has raised South Korea’s economic growth rate for this year and next by 0.1 percentage points each to 0.9% and 1.7%, respectively, compared to the September announcement. The Ministry of Economy and Finance announced on the 10th that the ADB had released the ‘December Asian Economic Outlook (ADO)’.
The ADB attributed this improvement to the government’s stimulus measures to boost consumption, global semiconductor demand, and reduced uncertainty following tariff negotiations. However, it also added that downside risks remain, including the weak real estate market and the resurgence of global trade and geopolitical tensions.
South Korea’s inflation rate for this year and next is expected to rise by 0.2 percentage points each compared to the September forecast, reaching 2.1%. This year, the increase reflects the rise in food and oil prices, while next year, the reduction of fuel tax subsidies and the recent decline in the value of the Korean won may exert inflationary pressure.
For the Asia-Pacific region, the economic growth rate for this year is forecasted to increase by 0.3 percentage points compared to the September outlook, reaching 5.1%. India’s robust domestic consumption has led to surpassing expectations, while high US tariffs and weakening global economic activity are expected to slow economic growth.