The economic outlook for South Korea is dimming as major financial institutions lower the country's growth projections.
The average forecast from 41 financial institutions surveyed by Bloomberg as of Friday on South Korea's annual gross domestic product (GDP) growth for this year stood at 0.985 percent, declining from the 1.307 percent average recorded four weeks earlier, according to the Bank of Korea (BOK) on Monday.
Among the financial institutions projecting such growth figures were Bank of America Merrill Lynch, with 0.8 percent, Capital Economics, with 0.5 percent, Citigroup, with 0.6 percent and HSBC, with 0.7 percent.
On May 29, the BOK lowered the country's expected real GDP growth in 2025 to 0.8 percent, compared with 1.5 percent estimated in February, according to the BOK.
Analysts said the low growth expectation was brought by the impact of the U.S. tariff policy, the domestic political uncertainty and the sluggish recovery in domestic demand of South Korea.
South Korean economic outlook dims as financial institutions lower expectations
China opposes the use or threat of force in international relations, opposes imposing one's own will on others, and opposes a return of the world to the "law of the jungle," Foreign Minister Wang Yi said during a phone conversation with Iranian Foreign Minister Seyed Abbas Araghchi on Thursday.
During the call, Araghchi briefed Wang on the latest developments in Iran, saying the recent unrest was incited by external forces and that the situation has now returned to stability.
Saying that Iran has made preparations to respond to external interference while keeping the door wide open to dialog, Araghchi expressed hope that China would play a greater role in promoting regional peace and stability.
Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, said that China consistently upholds the purposes and principles of the UN Charter and international law, opposes the use or threat of force in international relations, opposes imposing one's own will on others, and opposes a return of the world to the "law of the jungle."
He said that the Chinese side believes the Iranian government and people will stay united, overcome difficulties, maintain national stability, and safeguard their legitimate rights and interests.
Wang also called on all parties to cherish peace, exercise restraint, and resolve differences through dialog, adding that China is willing to play a constructive role in this regard.
Chinese, Iranian FMs have phone conversation
