A truck carrying a shipping container travels past cranes at Pyeongtaek port in Pyeongtaek, South Korea, July 9, 2020. REUTERS/Kim Hong-Ji/File Photo
Register now for FREE unlimited access to Reuters.com
Register
SEOUL, June 16 (Reuters) – South Korea’s economy will grow at its slowest pace in three years in 2022, as the world faces supply bottlenecks, surging inflation and rapidly rising interest rates, the finance ministry said on Thursday.
Setting out its first economic policy initiatives, the new government of President Yoon Suk-yeol said it had lowered this year’s growth forecast to 2.6% from 3.1% and raised the inflation forecast from 2.2% to 4.7%, the fastest since 2008.
“We are putting our utmost priority in stabilizing prices as that’s our shared understanding,” finance minister Choo Kyung-ho said, referring to Bank of Korea (BOK) Governor Rhee Chang-yong and other top policymakers, with whom he had met early on…
