The Asian Development Bank cut its outlook for South Korea's economic growth for next year to 3.3 percent from a previous 3.4 percent, citing sluggish exports.
  

However, South Korea's economy is expected to recover in the coming quarters, backed by strong stimulus packages and low interest rates, the ADB said in its latest outlook update released Thursday.
  

The ADB kept this year's growth forecast for South Korea's economy at 2.7 percent, saying the economy is showing signs of improvement after suffering from the outbreak of Middle East Respiratory Syndrome earlier this year.
  

"Considering that the adverse impact of the Middle East Respiratory Syndrome outbreak in mid-2015 is waning, the economy is expected to recover more strongly over the coming quarters, supported by both fiscal stimulus and an accommodative monetary policy," the ADB said.
  

"The growth forecast of 2.7 percent for 2015 is thus maintained, but the forecast for 2016 is slightly lowered from 3.4 percent to 3.3 percent in light of sluggish exports," it said.
  

The Manila-based lender also maintained its growth estimate for East Asia to 6.0 percent for this year and next year.
  

China is forecast to grow 6.9 percent this year and 6.7 percent next year, according to the latest outlook.
  

Overall, developing Asia remained on track to post growth of 5.8 percent this year and 6 percent next year, it said.
  

China's private consumption and India's industrial production prop up the region's economy, but the report said, "Countries reliant on commodities are hurting from the global slump in prices, and the slower-than-expected recovery in the U.S. and the economic contraction in Japan will continue to weigh on export prospects." (Yonhap)