Macro - Country Economic Forecasts - South Korea

Macro - Country Economic Forecasts - South Korea

Rising inflation, tightening global financial conditions, and global supply-chain bottlenecks will weigh on South Korean growth. We maintain our conservative outlook and see South Korea's GDP growing 2.5% in 2022 and 2.4% in 2023. Key downside risks will stem from worsening repercussions of the war in Ukraine and US interest rate expectations moving even higher.

South Korea: Rising inflation weakens the growth outlook this year
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
South Korea retains several fundamental long-term economic strengths:
The country also faces several long-term challenges:
Economic development
Structure of the economy
Balance of payments and structure of trade

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