Economic recovery eases on Omicron

BoK likely to raise rates again

SEOUL: South Korea’s economy decelerated to a more measured pace last quarter following an Omicron outbreak and a jump in commodity prices, while remaining on track for a further tightening of monetary policy.

Gross domestic product (GDP) advanced 0.7% from the final three months of 2021, when it expanded 1.2%, central bank data showed yesterday. That slightly exceeded economists’ estimates, as did the economy’s 3.1% annual gain.