(MENAFN) Being widely impacted by China's economy plunge, the Asian Development Bank (ADB) forecasted that South Korea's economy would progress 2.6pct this year, unchanged from the prior year, and it's still sticking to it.
In accordance, South Korea's inflation rate is estimated to increase to 1.4pct this year, as opposed to 0.7 percent last year, plus it's worth mentioning that ADB's growth projection for January was at 3pct.
Additionally, the possible rate hike by the United States and slower-than-anticipated growth in China would further weaken the global outlook and directly hurt Korea's regional exports and advancement.
As far as China is concerned, the bank predicted that China's economic growth would slow to 6.5 percent this year, from a 6.9 percent expansion last year marking its slowest growth in 25 years.
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