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

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