The Bank of Korea (BOK) is expected to revise down this year's growth forecast from the current 3% estimate in its next review in May, as the country faces headwinds from the Ukraine war, U.S. monetary policy tightening and COVID-19 lockdowns in China.
SEOUL: South Korea's economic growth nearly halved in the first quarter from preceding three months as consumers and companies both cut spending amid coronavirus curbs and surging inflation.
Gross domestic product grew a seasonally-adjusted 0.7% in the first quarter from the last quarter of 2021, the Bank of Korea said on Tuesday, slowing from 1.2% a quarter earlier, but just beating 0.6% growth seen in a Reuters survey.
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