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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