S. Korea growth outlook revised down to 1.6% in 2023

Taking a hit: A currency trader walks by screens showing the foreign-exchange rates at a dealing room in Seoul. Facility investment is forecast to diminish 1.8% in 2022 and 2.8% in 2023, owing to growing economic uncertainties. — AP

SEOUL: South Korea has revised down its 2023 economic growth outlook amid rising worries about a global economic downturn.

Real gross domestic product, adjusted for inflation, was forecast to expand by 1.6% in 2023, according to the Economy and Finance Ministry.