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© Reuters. FILE PHOTO: South Korean Deputy Prime Minister and Minister of Financial system and Finance Choo Kyung-ho speaks throughout an interview with Reuters in Incheon, South Korea, Could 3, 2023. REUTERS/Kim Hong-Ji
SEOUL (Reuters) – South Korea’s finance minister stated on Thursday this yr’s financial development would doubtless be decrease than the federal government’s earlier projection of 1.6%.
The federal government will “barely decrease” the expansion forecast for this yr when it releases its biannual coverage plans in late June or early July, Finance Minister Choo Kyung-ho stated throughout a media occasion.
The federal government shouldn’t be contemplating a supplementary price range for this yr and doesn’t plan to take action for some time, Choo stated.
Choo stated the nation’s inflation, which cooled to a 19-month low in Could, was nonetheless excessive and controlling it will stay as the highest precedence for some time.
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