S Korean gov't revises down 2025 growth outlook to 1.8 pct

South Korea's government on Thursday revised down this year's growth outlook amid the expected export slump following the launch of the new U.S. administration.

Real gross domestic product (GDP), adjusted for inflation, was forecast to grow 1.8 percent in 2025, down from 2.2 percent estimated in July 2024, according to the Ministry of Economy and Finance.

This year's growth forecast was lower than an estimate of 2.1 percent by the Organization for Economic Cooperation and Development (OECD), 2.0 percent by the International Monetary Fund (IMF), and 1.9 percent by the Bank of Korea (BOK).

The steep downward revision came as concerns mounted over export slowdown on intensifying competition among manufacturers of semiconductors, the country's biggest export item, and the scheduled inauguration of the new U.S. administration heralding the trade policy changes.

The outlook for consumer price inflation was set at 1.8 percent for 2025, down from 2.3 percent for 2024.

Iran's response to the latest U.S. proposed text for ending the war was sent on Sunday to the Pakistani mediator, Iran's official news agency IRNA reported.

According to the proposed plan, at this stage, negotiations will focus on ending the war in the region, the IRNA report said.

On Feb 28, Israel and the United States launched joint strikes on Tehran and other cities, killing Iran's then Supreme Leader Ali Khamenei, senior commanders, and civilians. Iran responded with waves of missile and drone attacks targeting Israel and U.S. interests in the region.