The International Monetary Fund (IMF) on Tuesday lowered its growth outlook for South Korea to 2.3% from previous 2.5%, announced in April, for 2022 and 2.1% from 2.9% for 2023, citing growing economic uncertainty. It is the lowest outlook for Asia’s fourth largest economy by a major international organization. The Organization for Economic Cooperation and Development in June projected Korean economy to grow 2.7% this year, while credit rating agencies Fitch Ratings and Moody’s Investors Service 2.4% and 2.5%, respectively.
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