Busan Port of the RoK (Source: EPA/VNA)

Seoul (VNA) – The Asian Development Bank (ADB) has predicted the Republic of Korea’s economy will grow 3 percent this year, following last year's 3.1 percent growth.

Asia's fourth-largest economy is likely to benefit from a recovery in major economies and private spending, Yonhap news agency quoted the regional bank as saying.

In December of last year, the ADB forecast the 3 percent gain for the RoK economy. The institute said next year's growth estimate for the RoK is set at 2.9 percent.

The ADB said growth picked up across most of the economies in developing Asia and supported by continued high demand for exports and rapidly expanding domestic demand.-VNA