The economy South Korea's economy grew by two percent in 2024
South Korea's economic output rose by two percent last year. This means that gross domestic product growth fell slightly short of most experts' expectations, according to preliminary data from the Korean central bank in Seoul.
23.01.2025, 00:59
SDA
It had previously forecast GDP growth of 2.2 percent for 2024. From October to December 2024, the South Korean economy only grew by 0.1% compared to the previous third quarter. In addition to weakening consumption and declining exports, the country is also struggling with an ongoing state crisis that has severely damaged the confidence of international investors.
President Yoon Suk Yeol, who has since been suspended, has been in custody since last week after briefly declaring martial law at the beginning of December.
The Korean central bank is forecasting growth of 1.9 percent for the coming year. However, as reported by the official news agency Yonhap, it is very likely that the forecast will be revised further downwards.
