S Koreas economy to grow 2 in 2024 KERI report

>> YOUR LINK HERE: ___ http://youtube.com/watch?v=LfXGjJW7edQ

한경연, 올해 경제성장률 2% 전망 민간부채 대응이 성장 좌우 • South Korea will see 2% growth this year on the back of strong exports, according to the Korea Economic Research Institute. • Two percent growth would mean a rebound to the pre-pandemic levels. • Shin Se-byuck has more. • In its latest economic outlook report released on Friday, the Korea Economic Research Institute forecast that South Korea's economy will likely grow by 2 percent in 2024, returning to pre-COVID-19 levels. • This forecast sits below earlier growth rates projected by major institutions, 2.1 percent by the Bank of Korea, 2.3 by the IMF, and 2.2 by the OECD. • KERI points out that global economic improvements and a surge in exports could drive recovery this year. • However, domestic spending is expected to rebound only in the second half of the year, following anticipated interest rate cuts in late 2024. • The report also warns that the recovery could be hampered by the economic downturn caused by high interest rates and inflation, emphasizing that efficient management of private debt will be crucial for this year's economic performance. • Furthermore, KERI cautioned that a 2 percent growth rate may not be achievable if China's economic slowdown drags on. • By sectors, private consumption, a key driver of domestic demand, is projected to see modest growth at 1.6 percent. This is largely attributed to decreased spending power due to household debt repayments. Inflation is expected to increase by 2.5 percent, aided by a weaker dollar and stable raw material costs, including international oil prices. • Exports, which saw setbacks last year due to the IT sector's downturn, China's economic struggles, and rising geopolitical tensions, are expected to rebound to 3-point-6 percent. • This optimism is based on the global economic revival and an uptick in demand within the IT sector. • Regarding South Korea's current account balance, KERI forecasts a surplus of 51 billion U.S. dollars, bolstered by an expanded goods balance surplus. • Shin Se-byuck, Arirang News. • #Korea_Economic_Research_Institute #SouthKorea #economy #KERI #economic_growth #economic_outlook #한국경제연구원 #경제성장 #Arirang_News #아리랑뉴스 • 📣 Facebook : / arirangtvnews • 📣 Twitter : / arirangtvnews • 📣 Homepage : https://arirang.com/ • 2024-03-15, 09:00 (KST)

#############################

New on site