The International Monetary Fund (IMF) revised its 2024 growth forecast on Tuesday for South Korea to 2.3%, a slight increase from its previous estimate, reflecting greater resilience in major global economies. This updated figure aligns with the OECD’s projection and slightly surpasses the Bank of Korea’s forecasts of 2.1%. IMF analysts attribute this anticipated growth to rising exports, including robust demand for semiconductors, in response to economic expansion in the U.S. and China.

Globally, the IMF has raised its 2024 growth forecast to 3.1%, citing stronger-than-expected economic resilience in the U.S. and fiscal support in China. However, the report notes potential risks, including high interest rates, low productivity growth and geopolitical tensions affecting commodity prices. While the IMF expects inflation to decline globally, it also warns of the possibility of prolonged tight monetary conditions due to supply chain disruptions or persistent underlying inflation.