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Moody's lowers S. Korea's growth outlook to 2.5 pct

Economy 21:30 May 26, 2022

SEOUL, May 26 (Yonhap) -- Moody's Investors Service on Thursday forecast South Korea economy will grow 2.5 percent this year, 0.2 percentage point lower than its previous outlook.

The credit ratings agency revised its forecast, citing risks from rising energy and commodities costs, China's slowdown and decreasing demand from Europe.

The company said in March Asia's fourth-largest economy will see its gross domestic product grow 2.7 percent in 2022.

Moody's raised its outlook for the nation's 2023 growth to 2.8 percent from its March estimate of 2.6 percent.

The agency lowered its forecast for Group of 20 countries' growth this year from 3.6 percent to 3.1 percent.

This EPA file photo shows the logo of Moody's Investors Service. (Yonhap)


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