ADB, South Korea's Economic Growth Forecast at -1.0%... 3.5% Next Year
[Asia Economy Reporter Jin-gyu Lee] The Asian Development Bank (ADB) has lowered South Korea's economic growth forecast for this year to -1.0%, considering the impact of the novel coronavirus disease (COVID-19).
In the expanded edition of the '2020 Asia Regional Economic Outlook' report released on the 18th, ADB revised South Korea's economic growth forecast for this year down by 2.3 percentage points from 1.3% announced in April to -1.0%.
South Korea's economic growth forecast for next year was raised by 1.2 percentage points from 2.3% in April to 3.5%. The inflation rate in South Korea is projected to be 0.5% this year and 1.3% next year.
ADB lowered the average economic growth forecast for 46 Asian member countries from 2.2% to 0.1%, a drop of 2.1 percentage points. This is the lowest growth rate in 59 years since 1961.
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China's economic growth forecast for this year was lowered by 0.5 percentage points from 2.3% to 1.8%, while the forecast for next year was raised from 7.3% to 7.4%. India's economic growth forecast for this year dropped sharply by 8.0 percentage points from 4.0% to -4.0%, and Indonesia's forecast for this year was also lowered from 2.5% to -1.0%.
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