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Saturday, March 25, 2023

US wholesale prices, Hong Kong census, Reserve Bank of Australia, Singapore

Fri, Feb 17 2023 2:30 AM EST

South Korea warns of continued economic slowdown: Yonhap

South Korea’s finance ministry said the economy has slowed amid higher inflation and sluggish exports, Yonhap reported.

The ministry said “South Korea’s inflation remains at a high plateau, and domestic consumption recovery is slowing down. A persistent slump in exports and deteriorating business sentiment indicate an economic downturn”.

The finance ministry expects the country’s economy to grow 1.6%, lower than 2022’s figure of 2.6 “because of deteriorating external conditions,” the report said.

South Korea’s trade deficit in January reached a record high of US$12.69 billion, marking the 11th straight month of losses. Consumer prices rose 5.2% in January on an annualized basis.

— Lim Hui Jie

Fri, Feb 17 2023 12:10 AM EST

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