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.