The Asian Development Bank (ADB) Tuesday lowered its 2015 growth forecast for South Korea's economy to 3.5 percent from an earlier estimate of 3.8 percent, citing sluggish domestic consumption and investment.
The forecast is slightly higher than growth rate for this year set by the Bank of Korea (BOK) in January. The BOK predicted 3.4 percent, 0.5 percentage point lower than an earlier estimate of 3.9 percent.
The South Korean economy grew 3.3 percent in 2014.
In 2016, it is expected to expand 3.7 percent, the ADB said in its Asian Development Outlook 2015 report.
The report said China's GDP (gross domestic product) growth would slow to 7.2 percent this year and 7.0 percent in 2016 from 7.4 percent last year, the weakest expansion in 24 years.
The ADB projected the Indian economy would grow 7.8 percent in 2015 and 8.2 percent in 2016, both higher than the 7.4 percent GDP growth in 2014.
reporter
Park Sae-jin
swatchsjp@ajunews.com
