The International Monetary Fund (IMF) retained its forecast for Korea's economic growth for this year at 2.3 percent.
Their meeting came on the same day that the PPP acknowledged that its candidates face a “tough” electoral landscape, 15 days before polls open.
Korea woke up under a cloudy sky on Tuesday as spring showers were anticipated nationwide. Tuesday marked Gyeongchip in Korea, the first day of a new season under the lunar calendar, which signifies the end of hibernation.
The unusually warm weather is expected to peak on Wednesday, with the midday high in the greater Seoul area, including Gyeonggi and Incheon, rising to 17 degrees Celsius (66 degrees Fahrenheit).
Heavy snow is expected to continue pounding the peninsula on Tuesday afternoon, causing commuter chaos in the evening.
Korea's temperatures will drop below freezing with winter rain, cold waves and snow expected.
The Organisation for Economic Co-operation and Development (OECD) has slashed Korea’s 2023 economic forecast to 1.4 percent, citing weak domestic spending amid high inflation.
More than half of Korea's industry-leading companies reported lower on-year profits in Q3, with only the food and aviation sectors seeing optimistic forecasts.
The Korea Development Institute has lowered Korea's growth forecast for this year and next year due to weak consumer spending and high interest rates.
The OECD has maintained Korea's growth forecast at 1.5 percent due to uncertainties caused by inflation and slowing Chinese growth. The inflation estimate for Korea remains at 3.4 percent for this year.
Korea JoongAng Daily Sitemap
