IMF boosts S. Korea’s 2024 growth outlook to 2.5%

The International Monetary Fund (IMF) upgraded its economic growth projection for South Korea in 2024, citing a stable global economic environment and the country’s robust semiconductor exports.

The IMF now forecasts South Korea’s economy to expand by 2.5 per cent in 2024, a 0.2 per cent increase from its previous April forecast of 2.3 per cent.

This revised outlook aligns with the growth projections of the Bank of Korea and the Organisation for Economic Co-operation and Development (OECD), both of which predict a 2.6 per cent expansion for 2024.

However, the IMF slightly downgraded its growth forecast for South Korea in 2025, revising it down 0.1 per cent to 2.2 per cent.

Exports, a significant driver of growth, increased by 5.1 per cent year-on-year to $57 billion in June, marking the ninth consecutive monthly rise.

Chip exports saw a remarkable surge of 50.9 per cent, reaching a record monthly high, according to official data.

Attribution: WAM