{"id":2203684,"date":"2024-02-01T08:00:36","date_gmt":"2024-01-31T23:00:36","guid":{"rendered":"https:\/\/koreapro.org\/?p=2203684"},"modified":"2024-01-31T18:31:54","modified_gmt":"2024-01-31T09:31:54","slug":"imfs-improved-forecast-for-south-korea-belies-economic-realities","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/02\/imfs-improved-forecast-for-south-korea-belies-economic-realities\/","title":{"rendered":"IMF\u2019s improved forecast for South Korea belies economic realities"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The International Monetary Fund (IMF) revised its <\/span><a href=\"https:\/\/mediacenter.imf.org\/news\/imf-world-economic-outlook-update\/s\/396fed6d-7b53-4e82-8a37-626cbcc83d69\"><span style=\"font-weight: 400;\">2024 growth forecast<\/span><\/a><span style=\"font-weight: 400;\"> 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 <\/span><a href=\"https:\/\/www.moef.go.kr\/nw\/nes\/detailNesDtaView.do?searchBbsId1=MOSFBBS_000000000028&amp;searchNttId1=MOSF_000000000066603&amp;menuNo=4010100\"><span style=\"font-weight: 400;\">OECD\u2019s projection<\/span><\/a><span style=\"font-weight: 400;\"> and slightly surpasses the Bank of Korea\u2019s forecasts of <\/span><a href=\"https:\/\/news.einfomax.co.kr\/news\/articleView.html?idxno=4289755\"><span style=\"font-weight: 400;\">2.1%<\/span><\/a><span style=\"font-weight: 400;\">. 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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">While seemingly positive, the IMF\u2019s revised economic growth projection for South Korea in 2024 masks underlying economic challenges. While discussions between the U.S. and the ROK on Wednesday regarding <\/span><a href=\"https:\/\/www.motie.go.kr\/kor\/article\/ATCLb41cda0c5\/26902\/view?mno=&amp;pageIndex=1&amp;searchCategory=0&amp;schClear=on&amp;startDtD=&amp;endDtD=&amp;searchCondition=1&amp;searchKeyword=\"><span style=\"font-weight: 400;\">mineral cooperation efforts<\/span><\/a><span style=\"font-weight: 400;\"> could bolster South Korea\u2019s industrial base, these initiatives emerge against a backdrop of significant economic headwinds. In 2023, South Korea\u2019s manufacturing sector output experienced its <\/span><a href=\"https:\/\/en.yna.co.kr\/view\/AEN20240131001951320?section=news\"><span style=\"font-weight: 400;\">sharpest decline in 25 years<\/span><\/a><span style=\"font-weight: 400;\">, signaling a contraction in a critical area of its economy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Further, exports from South Korean small and medium-sized businesses <\/span><a href=\"https:\/\/www.mss.go.kr\/site\/smba\/ex\/bbs\/View.do?cbIdx=86&amp;bcIdx=1047792&amp;parentSeq=1047792\"><span style=\"font-weight: 400;\">fell for the second consecutive year<\/span><\/a><span style=\"font-weight: 400;\">, driven by decreased shipments to China. This decline coincides with a steep $38.9 billion (51.9 trillion won) <\/span><a href=\"https:\/\/www.moef.go.kr\/nw\/nes\/detailNesDtaView.do?searchBbsId1=MOSFBBS_000000000028&amp;searchNttId1=MOSF_000000000067445&amp;menuNo=4010100\"><span style=\"font-weight: 400;\">drop in tax revenue<\/span><\/a><span style=\"font-weight: 400;\"> in 2023, attributed to weaker corporate activities and a property market slump. Compounding these issues, escalating conflicts in the <\/span><a href=\"https:\/\/koreapro.org\/2024\/01\/south-korea-contemplates-defense-role-in-red-sea-tensions\/\"><span style=\"font-weight: 400;\">Red Sea<\/span><\/a><span style=\"font-weight: 400;\"> and the Middle East threaten to disrupt supply chains and elevate energy prices, potentially keeping South Korea\u2019s inflation rates elevated. These factors collectively suggest South Korea\u2019s economic outlook may be more precarious than the IMF\u2019s revised projection implies.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>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\u2019s projection and slightly surpasses the Bank of Korea\u2019s forecasts of 2.1%. IMF analysts attribute this anticipated growth [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2202621,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24],"class_list":["post-2203684","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IMF\u2019s improved forecast for South Korea belies economic realities - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/02\/imfs-improved-forecast-for-south-korea-belies-economic-realities\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF\u2019s improved forecast for South Korea belies economic realities - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"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\u2019s projection and slightly surpasses the Bank of Korea\u2019s forecasts of 2.1%. IMF analysts attribute this anticipated growth [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/koreapro.org\/2024\/02\/imfs-improved-forecast-for-south-korea-belies-economic-realities\/\" \/>\n<meta property=\"og:site_name\" content=\"KOREA PRO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/nknewsorg\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-31T23:00:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-31T09:31:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/koreapro.org\/wp-content\/uploads\/sites\/6\/2023\/11\/eb.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1870\" \/>\n\t<meta property=\"og:image:height\" content=\"1000\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"johnleenknews\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@southkoreapro\" \/>\n<meta name=\"twitter:site\" content=\"@southkoreapro\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"KOREA PRO\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/koreapro.org\/2024\/02\/imfs-improved-forecast-for-south-korea-belies-economic-realities\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/koreapro.org\/2024\/02\/imfs-improved-forecast-for-south-korea-belies-economic-realities\/\"},\"author\":{\"name\":\"johnleenknews\",\"@id\":\"https:\/\/koreapro.org\/#\/schema\/person\/b9766dba611638edc06a6e0b7078714d\"},\"headline\":\"IMF\u2019s improved forecast for South Korea belies economic realities\",\"datePublished\":\"2024-01-31T23:00:36+00:00\",\"dateModified\":\"2024-01-31T09:31:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/koreapro.org\/2024\/02\/imfs-improved-forecast-for-south-korea-belies-economic-realities\/\"},\"wordCount\":323,\"publisher\":{\"@id\":\"https:\/\/koreapro.org\/#organization\"},\"image\":{\"@id\":\"https:\/\/koreapro.org\/2024\/02\/imfs-improved-forecast-for-south-korea-belies-economic-realities\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2023\/11\/eb.png\",\"keywords\":[\"Business &amp; Economy\"],\"articleSection\":[\"Briefings\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/koreapro.org\/2024\/02\/imfs-improved-forecast-for-south-korea-belies-economic-realities\/\",\"url\":\"https:\/\/koreapro.org\/2024\/02\/imfs-improved-forecast-for-south-korea-belies-economic-realities\/\",\"name\":\"IMF\u2019s improved forecast for South Korea belies economic realities - KOREA PRO\",\"isPartOf\":{\"@id\":\"https:\/\/koreapro.org\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/koreapro.org\/2024\/02\/imfs-improved-forecast-for-south-korea-belies-economic-realities\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/koreapro.org\/2024\/02\/imfs-improved-forecast-for-south-korea-belies-economic-realities\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2023\/11\/eb.png\",\"datePublished\":\"2024-01-31T23:00:36+00:00\",\"dateModified\":\"2024-01-31T09:31:54+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/koreapro.org\/2024\/02\/imfs-improved-forecast-for-south-korea-belies-economic-realities\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/koreapro.org\/2024\/02\/imfs-improved-forecast-for-south-korea-belies-economic-realities\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/koreapro.org\/2024\/02\/imfs-improved-forecast-for-south-korea-belies-economic-realities\/#primaryimage\",\"url\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2023\/11\/eb.png\",\"contentUrl\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2023\/11\/eb.png\",\"width\":1870,\"height\":1000},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/koreapro.org\/2024\/02\/imfs-improved-forecast-for-south-korea-belies-economic-realities\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/koreapro.org\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"IMF\u2019s improved forecast for South Korea belies economic realities\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/koreapro.org\/#website\",\"url\":\"https:\/\/koreapro.org\/\",\"name\":\"KOREA PRO\",\"description\":\"Be smart about South Korea. 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