In 2023, South Korea’s economy navigated through a landscape of uncertainty, the lifting of the last remnants of COVID-19 restrictions and rising inflation rates. This period, characterized by a mix of challenges and moderate successes, resulted in an annual growth rate of 1.4%, lower than the expected 2%.

This Korea Pro analysis provides insights into various sectors, from semiconductors and defense to leisure and travel, each contributing uniquely to the nation’s economic standing as well as the underlying risks and uncertainties that could shape the future of South Korea’s economy.