(Xinhua/KPL) South Korea's state-run think tank on Tuesday revised down the Asian economy's growth outlook for this year by 0.3 percentage points.
Real gross domestic product (GDP), adjusted for inflation, was forecast to expand 2.2 percent in 2024, according to the Korea Development Institute (KDI).
It was down 0.3 percentage points compared to the previous estimate unveiled three months ago. The KDI lowered its growth forecast by 0.1 percentage point in May and August each.
The KDI outlook was lower than an increase of 2.5 percent estimated by the International Monetary Fund (IMF) and the Organization for Economic Cooperation and Development (OECD).
The country's real GDP grew 0.1 percent in the third quarter from three months earlier after contracting 0.2 percent in the second quarter.
The growth outlook for next year was also downgraded by 0.1 percentage point to 2.0 percent.
Consumer prices were forecast to advance 2.3 percent in 2024 before gaining 1.6 percent in 2025, falling below the central bank's mid-term inflation target of 2 percent.
The number of jobs was expected to climb 180,000 this year before rising 140,000 next year.
Exports were predicted to swell 8.8 percent in 2024 and 1.8 percent in 2025, while private consumption was projected to mount 1.3 percent this year and 1.8 percent next year.
