▲ Asian Development Bank President Masatsugu Asakawa speaks during a press conference in Songdo, Incheon, 36 kilometers west of Seoul, on May 2, 2023. (Yonhap)

ADB-president

ADB president sees no serious downward risks for S. Korea

By Kang Yoon-seung

INCHEON, May 2 (Yonhap) -- The president of the Asian Development Bank (ADB) said Tuesday he sees no serious downward risks for South Korea's economic growth, noting it is expected to rise "gradually" down the road.

"I don't see any serious downward risks for South Korea," ADB President Masatsugu Asakawa told Yonhap News Agency following a press conference in Songdo, Incheon, 36 kilometers west of Seoul.

Last month, the ADB maintained its 1.5 percent growth outlook for South Korea in 2023, citing continued uncertainties in the global economy. The estimate by the Manila-based bank remained unchanged from the previous outlook released in December, when it slashed the forecast by 0.8 percentage point.

"Even if it is revised, (even if there are) some upwards or downwards, I don't think that will be significant," he added, noting the annual growth of Asia's No. 4 economy is expected to expand "gradually" down the road.

During the press conference, the ADB unveiled the Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP), which centers in financing climate change-related projects in the region.

"Climate change is the critical issue of our lifetime, and here in Asia and the Pacific, we are on the front lines of that battle," Asakawa said. "The climate events we have experienced over the past 12 months will only increase in intensity and frequency, so we must take bold action now."

The initial partners for the projects include South Korea, Japan, Denmark, Sweden, Britain and the United States, according to the ADB.

"I am thankful to the Republic of Korea for hosting our annual meetings this year and for its unique contribution to IF-CAP. Korea is the only non-Annex I country under the U.N. Framework Convention on Climate Change to serve as a founding partner of IF-CAP," he added.

The 56th Annual Meeting of the Board of Governors of the Asian Development Bank kicked off earlier in the day under the slogan "Rebounding Asia: Recover, Reconnect, and Reform." It is the bank's first in-person gathering since the pandemic began.

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