Macro - Country Economic Forecasts - South Korea

Macro - Country Economic Forecasts - South Korea

We have cut our GDP growth forecasts by 0.3ppts to 2.8% in 2022 and by 0.1ppt to 2.8% in 2023 to reflect the impact of the Russia-Ukraine war. While South Korea has limited direct trade links to Russia and Ukraine, the war has led to higher commodity prices that will worsen the terms of trade and raise CPI inflation, which will dampen domestic demand. We now see CPI inflation at 3.3%, up from 3% previously and 2.5% in 2021.

Macro - Country Economic Forecasts - South Korea
South Korea: Russia
Ukraine war prompts growth downgrades
Forecast overview
Recent developments
Short-term outlook
Key drivers of our short-term forecast
Economic risk
Economic risk evaluation
Risk warnings
What to watch out for
Exposure to key global risks
Long-term prospects
Economic development
Structure of the economy
Balance of payments and structure of trade

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