South Korea’s economy experienced its fastest growth in over two years in the first quarter of 2024, driven by a recovery in exports and robust private spending, according to data from the Bank of Korea (BOK). The expansion marked a significant increase from the previous quarter and was the highest since the fourth quarter of 2021. On an annual basis, the economy also showed a notable improvement compared to the last quarter of 2023.

Private spending and exports both contributed positively to the growth, albeit at a slower pace for exports compared to the previous quarter. Government spending and construction