ADB Maintains South Korea's Economic Growth Rate at -1% This Year... Projects 3.3% for Next Year

Global Economic Recovery and 3rd Supplementary Budget Expected to Drive 3.3% Growth Next Year

[Asia Economy Reporter Jang Sehee] The Asian Development Bank (ADB) has forecast South Korea's economic growth rate for this year at -1.0%.

According to ADB's "Asian Economic Outlook Update" released on the 15th, ADB maintained its forecast for South Korea's economic growth rate this year at -1%, as presented in the June economic outlook. The forecast for next year was revised down from 3.5% to 3.3%. ADB expects this growth due to the global economic recovery and the third supplementary budget.

ADB revised down the average economic growth forecast for 45 countries in the Asia region this year from 0.1% to -0.7%. The growth rate for next year was revised up from 6.2% to 6.8%.

ADB expects to maintain the growth forecasts for major countries including South Korea, China (1.8%), Hong Kong (-6.5%), and Taiwan (0.8%). However, it analyzed that China's growth rate for next year will rise by 0.3 percentage points from 7.4% to 7.7%.

India's economic growth forecast for this year was lowered by 5.0 percentage points from -4.0% to -9.0%, as the spread of COVID-19 gradually intensifies.

Singapore's economic growth forecast for this year also dropped from 6.0% to -6.2%. Vietnam's economic growth forecast for this year was lowered by 2.3 percentage points from 4.1% to 1.8%.

This content was produced with the assistance of AI translation services.