Macro - Country Economic Forecasts - South Korea

Macro - Country Economic Forecasts - South Korea

We've downgraded our 2024 GDP growth forecast by 0.7ppts to 2.1% to reflect a more gradual global recovery and maintained our below-consensus 2023 growth forecast at 0.5%. We think South Korea will narrowly avoid a technical recession, but exports will continue to struggle while domestic demand momentum will weaken further.

South Korea: Downgrade to 2024 growth reflects a drawn-out recovery
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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