SEJONG, Sept. 28 (Yonhap) -- South Korea's economy is forecast to expand 2.9 percent this year, slower than its earlier 3 percent growth, due to the escalating trade war between the United States and China, the Asian Development Bank (ADB) has said.
In its latest economic outlook for the Asian region's economy unveiled Wednesday, the ADB also slashed its growth estimate for the South Korean economy to 2.8 percent in 2019 from the previous 2.9 percent.
Last year, Asia's fourth-largest economy expanded 3.1 percent.
The ADB said growth picked up across most of the economies in developing Asia and has been supported by continued high demand for exports and rapidly expanding domestic demand.
The ADB forecasts gross domestic product (GDP) growth in Asia and the Pacific to reach 6 percent in 2018 and 5.8 percent in 2019.