IMF’s improved forecast for South Korea belies economic realities



Briefings IMF’s improved forecast for South Korea belies economic realities Growth projection conflicts with manufacturing sector’s decline, SME export woes and intensifying global conflicts KOREA PROFebruary 1, 2024 SHARE COPY LINK FACEBOOK X LINKEDIN MASTODON An illustration of a cargo ship at a port \| Image: Korea Pro 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 © Korea Risk Group. All rights reserved. No part of this content may be reproduced, distributed, or used for commercial purposes without prior written permission from Korea Risk Group. LATEST ANALYSIS 01South Korea’s CPTPP push exposes the cost of turning trade gains into consensus 02AI storage boom gives South Korea battery makers an EV overcapacity lifeline 03South Korea’s Mexico strategy runs into the hard limits of USMCA politics 04Preschool test ban forces South Korea’s English hagwons to rethink placement 05Lee Jae Myung’s Wall Street pitch tests South Korea’s capital market credibility 06US midterm clock raises stakes for South Korea’s $200 billion investment talks 07Lee’s Hormuz red line tests South Korea’s leverage in $350 billion US talks 08South Korea’s AI data center boom is colliding with the true cost of power

Briefings

IMF’s improved forecast for South Korea belies economic realities

Growth projection conflicts with manufacturing sector’s decline, SME export woes and intensifying global conflicts

KOREA PROFebruary 1, 2024

IMF’s improved forecast for South Korea belies economic realities

An illustration of a cargo ship at a port | Image: Korea Pro

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

LATEST ANALYSIS

01South Korea’s CPTPP push exposes the cost of turning trade gains into consensus
02AI storage boom gives South Korea battery makers an EV overcapacity lifeline
03South Korea’s Mexico strategy runs into the hard limits of USMCA politics
04Preschool test ban forces South Korea’s English hagwons to rethink placement
05Lee Jae Myung’s Wall Street pitch tests South Korea’s capital market credibility
06US midterm clock raises stakes for South Korea’s $200 billion investment talks
07Lee’s Hormuz red line tests South Korea’s leverage in $350 billion US talks
08South Korea’s AI data center boom is colliding with the true cost of power

IMF’s improved forecast for South Korea belies economic realities

LATEST ANALYSIS

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