Economists downgrade GDP forecasts for South Korea after disappointing first-quarter data

Several economists, including one from U.S. banking giant J.P. Morgan, have downgraded their 2019 growth forecasts for South Korea, after an official estimate showed the north Asian economy unexpectedly shrank in the first quarter.

The disappointing economic performance in the first quarter led at least three economists to revise downward their annual growth forecasts for South Korea. Others have penciled in a more severe slowdown. Economists from Australian bank ANZ wrote in a report on Thursday that South Korean economic growth in 2019 will likely be lackluster. They downgraded the country's growth for this year to 2.2% from their previous estimate of 2.5%.

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