Citigroup analysts Jin-Wook Kim and Jiuk Choi wrote in a note that South Korea's GDP growth this year may be weaker than expected due to sluggish economic activity in Quarter 1 and new U.S. tariffs that took effect in April. The delay in fiscal stimulus measures could also weigh on the country's GDP growth, analysts said. They cut South Korea's GDP growth forecast for 2025 to 1.0 percent from 1.2 percent. The government is likely to prepare a supplementary budget of 20 trillion won in the third quarter to support the economy, following a supplementary budget of 10 trillion won in the second quarter. The central bank could cut interest rates three more times this year - possibly in May, August and November, they added.