The Asian Development Bank(ADB) has projected that South Korea’s economy will post growth of two-point-two percent this year, maintaining its forecast released last December. 

The ADB unveiled the projection in the 2024 Asian Development Outlook report released on Thursday. 

The report said “sustained demand for semiconductors globally, supported by expanding artificial intelligence (AI) services and cloud server business, will drive growth in 2024.”

The report said South Korea’s economic growth is expected to edge higher to two-point-three percent in 2025 on rising exports. 

The bank also projected that South Korea’s inflation will stand at two-point-five percent this year and two percent in 2025 as global oil prices ease along with domestic demand. 

For Asia, the bank projected growth of four-point-nine percent this year and the same outlook for 2025.