Global credit rating firm Moody’s has slashed its growth forecast for Korea for this year over the economic fallout from the war in Ukraine.
Moody’s on Thursday revised its forecast to 2.7 percent from the earlier estimate of 3 percent in February.
It also lowered its average growth outlook for the G20 countries to 3.6 percent from 4.3 percent.
Moody’s said economic growth will suffer in the aftermath of Russia’s invasion of Ukraine.
Korea, along with Japan, will likely face new supply disruptions in semiconductor and automobile manufacturing.
“Higher energy costs will also weigh down growth in the two countries, which are both reliant on imported crude oil,” the agency said.
The agency lowered the U.S.’ growth outlook to 3.7 percent from 4 percent and the Eurozone’s to 2.8 percent from 4.4 percent.
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