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South Korea’s think tank expects economy to grow 2.2pc in 2024

SEOUL (XINHUA) – South Korea’s economy was expected to grow 2.2 per cent in 2024 due to modest export recovery, a state-run think tank said yesterday.’

It was down 0.1 percentage point compared to the estimate unveiled in August, according to the Korea Development Institute (KDI).

The KDI’s 2024 growth outlook was equal to the forecasts from the International Monetary Fund (IMF) and the Bank of Korea (BOK), but it was 0.1 percentage point higher than 2.1 per cent estimated by the Organization for Economic Cooperation and Development (OECD).

Export was forecast to expand 3.8 per cent next year on recovery in global demand for locally-made semiconductors, while facility investment was predicted to gain 2.4 per cent.

The KDI revised down its 2024 growth outlook for private consumption by 0.6 percentage points to 1.8 per cent.

The South Korean economy was projected to rise 1.4 per cent in 2023, 0.1 percentage point lower than the forecast unveiled three months earlier.

Outlook for consumer price inflation was set at 2.6 per cent in 2024 and 3.6 per cent in 2023 each.

Autumn scenery in Seoul, South Korea. PHOTO: XINHUA
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