The ASEAN Plus Three Macroeconomic Research Office(AMRO) projected a three percent growth for the South Korean economy this year. 

The Ministry of Economy and Finance on Tuesday said the regional agency announced its latest outlook, which kept South Korea's expansion figure unchanged from its previous forecast in January. Next year’s growth rate for Asia’s fourth largest economy was predicted at two-point-six percent. 

Reflecting rapid inflation in recent months, the AMRO raised its inflation outlook for South Korea this year to two-point-nine percent, up by zero-point-eight percentage points from three months ago. South Korea’s inflation next year will slow to one-point-nine percent next year, it said. 

While envisioning a four-point-seven percent growth for the ASEAN Plus Three region this year, the agency characterized Russia’s invasion of Ukraine as downward pressure on the regional economy, along with possible new variants of COVID-19, global supply chain disruptions and cumulative financial risks linked to a drop in household and corporate income.