South Korea Gdp Growth Will Be Higher

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South Korea Gdp Growth Will Be Higher

South Korea's GDP Growth Will Be Higher In 2024

The President of South Korea recently made a statement about the country's GDP growth in the year 2024. According to him, the growth of GDP will pick pace in 2024.

The statement is based on the fact that the GDP growth of South Korea picked pace in 2H2023. At the same time, the trade ties between South Korea & USA have also improved, which will also impact the GDP growth in a positive way.

President Yoon also made it clear that the administration is keeping a close eye on the security & economic situation of the country. He added that if the need arises, his government will take appropriate measures.

0.6% Growth In Q2 2023

The recent speech from Yoon is part of the buildup leading up to the next budget for the country. Given the positive sentiment of the government, it appears that 2024 will be a good economic year for the country.

Another noteworthy comment was about the pace of economic growth in the country. The government of South Korea believes that the GDP growth of the country in 2024 will be higher than most big economies.

In Q2 2023, South Korea's GDP registered 0.6% growth, while Q1 also showed similar numbers. For now, the median growth is 0.5%, which suggests that the GDP growth is already above the forecasts.

However, independent research suggests that 2023's growth in South Korea will slow down and likely touch 1.2%. In 2022, the GDP growth of South Korea was around 2.6%.

For 2024, the government is planning to allocate $487 billion that will be used for the expenditure. When compared with 2023's figures, that's an increase of 2.8%.

Mr. President also highlighted that the need for fiscal discipline remains an important element for improving credit ratings and fighting domestic inflation.

Although the country is trying to improve its ties with the USA, it also enjoys close trade relations with China as well. In fact, China is among the top trading partners of South Korea in terms of revenue.

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