{"id":2205383,"date":"2024-06-06T08:00:57","date_gmt":"2024-06-05T23:00:57","guid":{"rendered":"https:\/\/koreapro.org\/?p=2205383"},"modified":"2024-06-05T20:56:06","modified_gmt":"2024-06-05T11:56:06","slug":"south-koreas-economy-expands-at-fastest-pace-in-over-two-years","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/06\/south-koreas-economy-expands-at-fastest-pace-in-over-two-years\/","title":{"rendered":"South Korea\u2019s economy expands at fastest pace in over two years"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korea\u2019s 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 <\/span><a href=\"https:\/\/www.bok.or.kr\/portal\/bbs\/P0000559\/view.do?nttId=10084502&amp;menuNo=200690\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> 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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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 investment also saw increases, with the latter reversing the decline seen in the prior quarter. The BOK expects the economy to rebound modestly in 2024, following a slowdown in growth last year.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Despite South Korea\u2019s strong economic growth in Q1 2024, the BOK is unlikely to cut interest rates this year due to increasing risks in the financial sector. The <\/span><a href=\"https:\/\/www.fss.or.kr\/fss\/bbs\/B0000188\/view.do?nttId=136445&amp;menuNo=200218&amp;pageIndex=1\"><span style=\"font-weight: 400;\">delinquency ratio<\/span><\/a><span style=\"font-weight: 400;\"> on real estate project financing loans rose sharply to 3.55% as of the end of March, with savings banks and securities firms facing even higher ratios of 11.26% and 17.57%, respectively. This development amid a prolonged property market slump and tightened risk management could destabilize the financial sector.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moreover, the $3.51 billion <\/span><a href=\"https:\/\/www.bok.or.kr\/portal\/bbs\/P0000559\/view.do?nttId=10084498&amp;menuNo=200690\"><span style=\"font-weight: 400;\">decline<\/span><\/a><span style=\"font-weight: 400;\"> in South Korea\u2019s foreign reserves in May limits the BOK\u2019s ability to intervene in the foreign exchange market and maintain financial stability. Cutting rates could lead to increased capital outflows and pressure on reserves. As a result, the BOK is likely to prioritize stability over growth through rate cuts for the foreseeable future.<\/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>South Korea\u2019s 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 [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2205384,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24],"class_list":["post-2205383","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>South Korea\u2019s economy expands at fastest pace in over two years - 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\/06\/south-koreas-economy-expands-at-fastest-pace-in-over-two-years\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea\u2019s economy expands at fastest pace in over two years - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea\u2019s 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 [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/koreapro.org\/2024\/06\/south-koreas-economy-expands-at-fastest-pace-in-over-two-years\/\" \/>\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=\"2024-06-05T23:00:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-05T11:56:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/koreapro.org\/wp-content\/uploads\/sites\/6\/2024\/06\/eb-3.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=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/koreapro.org\/2024\/06\/south-koreas-economy-expands-at-fastest-pace-in-over-two-years\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/koreapro.org\/2024\/06\/south-koreas-economy-expands-at-fastest-pace-in-over-two-years\/\"},\"author\":{\"name\":\"johnleenknews\",\"@id\":\"https:\/\/koreapro.org\/#\/schema\/person\/b9766dba611638edc06a6e0b7078714d\"},\"headline\":\"South Korea\u2019s economy expands at fastest pace in over two years\",\"datePublished\":\"2024-06-05T23:00:57+00:00\",\"dateModified\":\"2024-06-05T11:56:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/koreapro.org\/2024\/06\/south-koreas-economy-expands-at-fastest-pace-in-over-two-years\/\"},\"wordCount\":278,\"publisher\":{\"@id\":\"https:\/\/koreapro.org\/#organization\"},\"image\":{\"@id\":\"https:\/\/koreapro.org\/2024\/06\/south-koreas-economy-expands-at-fastest-pace-in-over-two-years\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2024\/06\/eb-3.png\",\"keywords\":[\"Business &amp; Economy\"],\"articleSection\":[\"Briefings\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/koreapro.org\/2024\/06\/south-koreas-economy-expands-at-fastest-pace-in-over-two-years\/\",\"url\":\"https:\/\/koreapro.org\/2024\/06\/south-koreas-economy-expands-at-fastest-pace-in-over-two-years\/\",\"name\":\"South Korea\u2019s economy expands at fastest pace in over two years - KOREA PRO\",\"isPartOf\":{\"@id\":\"https:\/\/koreapro.org\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/koreapro.org\/2024\/06\/south-koreas-economy-expands-at-fastest-pace-in-over-two-years\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/koreapro.org\/2024\/06\/south-koreas-economy-expands-at-fastest-pace-in-over-two-years\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2024\/06\/eb-3.png\",\"datePublished\":\"2024-06-05T23:00:57+00:00\",\"dateModified\":\"2024-06-05T11:56:06+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/koreapro.org\/2024\/06\/south-koreas-economy-expands-at-fastest-pace-in-over-two-years\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/koreapro.org\/2024\/06\/south-koreas-economy-expands-at-fastest-pace-in-over-two-years\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/koreapro.org\/2024\/06\/south-koreas-economy-expands-at-fastest-pace-in-over-two-years\/#primaryimage\",\"url\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2024\/06\/eb-3.png\",\"contentUrl\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2024\/06\/eb-3.png\",\"width\":1870,\"height\":1000},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/koreapro.org\/2024\/06\/south-koreas-economy-expands-at-fastest-pace-in-over-two-years\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/koreapro.org\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"South Korea\u2019s economy expands at fastest pace in over two years\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/koreapro.org\/#website\",\"url\":\"https:\/\/koreapro.org\/\",\"name\":\"KOREA PRO\",\"description\":\"Be smart about South Korea. 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