South Korea's economic growth likely slowed a bit last quarter as languishing exports and high interest rates hurt private consumption that accounts for about half of the economy, a Reuters poll of economists found.
from Asia's fourth-largest economy declined in June, imports also fell, indicating a lack of vitality in domestic and foreign demand, especially from China, the country's largest trade partner.
However, on a quarterly basis, the export-led economy grew a seasonally adjusted 0.5%, a tad higher than 0.3% growth in the preceding quarter, underscoring a lacklustre recovery after it narrowly avoided a technical recession in Q1. "Economic growth is expected to rebound in the second half of this year...but it will depend on the pace of economic recovery in China."
Underwhelming growth figures have sent shockwaves through the global economy, impacting not only South Korea but also other Asian economies that heavily rely on Chinese demand, raising concerns about the broader economic outlook.
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