{"id":2207207,"date":"2024-11-21T08:00:29","date_gmt":"2024-11-20T23:00:29","guid":{"rendered":"https:\/\/koreapro.org\/?p=2207207"},"modified":"2024-11-20T16:24:57","modified_gmt":"2024-11-20T07:24:57","slug":"imf-slashes-south-koreas-growth-outlook-citing-external-uncertainties","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/11\/imf-slashes-south-koreas-growth-outlook-citing-external-uncertainties\/","title":{"rendered":"IMF slashes South Korea\u2019s growth outlook citing external uncertainties"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The International Monetary Fund (IMF) has <\/span><a href=\"https:\/\/www.yna.co.kr\/view\/AKR20241120050651002?section=economy\/all&amp;site=topnews01\"><span style=\"font-weight: 400;\">reportedly lowered<\/span><\/a><span style=\"font-weight: 400;\"> its 2025 growth forecast for South Korea to 2% \u2014 down 0.2 percentage points from its earlier projection of 2.2%. This adjustment follows the IMF mission team\u2019s two-week annual consultation with South Korea\u2019s finance ministry, the Bank of Korea and other relevant institutions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The IMF also reportedly downgraded South Korea\u2019s 2024 growth outlook from <\/span><a href=\"https:\/\/koreapro.org\/2024\/10\/imf-maintains-koreas-2024-growth-at-2-5-cuts-2025-forecast-to-2-2\/\"><span style=\"font-weight: 400;\">2.5%<\/span><\/a><span style=\"font-weight: 400;\"> to 2.2%, citing <\/span><a href=\"https:\/\/koreapro.org\/2024\/08\/south-koreas-export-boom-continues-but-domestic-woes-persist\/\"><span style=\"font-weight: 400;\">weak domestic demand<\/span><\/a><span style=\"font-weight: 400;\"> despite strong semiconductor exports. The IMF warned of significant downside risks for 2025, highlighting external uncertainties, including global trade disruptions and potential policy shifts with Donald Trump\u2019s return to the U.S. presidency.<\/span><\/p>\n<p><b>WHY IT MATTERS<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The IMF\u2019s revised forecast aligns with <\/span><a href=\"https:\/\/koreapro.org\/2024\/10\/imf-maintains-koreas-2024-growth-at-2-5-cuts-2025-forecast-to-2-2\/\"><span style=\"font-weight: 400;\">expectations<\/span><\/a><span style=\"font-weight: 400;\"> that South Korea\u2019s economic growth will slow in 2025, and echoes Seoul\u2019s own lowered outlook that Korea Development Institute <\/span><a href=\"https:\/\/www2.korea.kr\/news\/policyNewsView.do?newsId=148936157&amp;pWise=sub&amp;pWiseSub=C4#:~:text=KDI%EB%8A%94%2012%EC%9D%BC%20%EC%9D%B4,%EB%82%AE%EC%9D%80%202.0%25%20%EC%84%B1%EC%9E%A5%ED%95%A0%20%EA%B2%83%EC%9C%BC%EB%A1%9C%20%EB%82%B4%EB%8B%A4%EB%B4%A4%EB%8B%A4.\"><span style=\"font-weight: 400;\">announced<\/span><\/a><span style=\"font-weight: 400;\"> last week. The downward revision highlights the fragility of South Korea\u2019s export-driven economy. Trump\u2019s proposed protectionist policies, including a 60% tariff on Chinese imports and a 10% blanket tariff on all imports, could disrupt global trade flows and raise costs for South Korean exports, particularly semiconductors and electronics. Additionally, the possibility of renegotiating South Korea\u2019s <\/span><a href=\"https:\/\/koreapro.org\/2024\/11\/south-korea-faces-tough-choices-due-to-trumps-hardline-stance-on-china\/\"><span style=\"font-weight: 400;\">defense cost-sharing agreement<\/span><\/a><span style=\"font-weight: 400;\"> threatens to strain South Korea\u2019s fiscal resources.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">South Korea is intensifying efforts to diversify trade partnerships and strengthen domestic supply chains to mitigate these risks. Recent <\/span><a href=\"https:\/\/koreapro.org\/2024\/11\/south-korea-diversifies-trade-and-diplomacy-at-apec-ahead-of-trumps-return\/\"><span style=\"font-weight: 400;\">agreements<\/span><\/a><span style=\"font-weight: 400;\"> with APEC member states and ongoing efforts to bolster the country\u2019s <\/span><a href=\"https:\/\/koreapro.org\/2024\/11\/south-korea-and-indonesia-deepen-energy-partnership-to-bolster-resource-security\/\"><span style=\"font-weight: 400;\">energy supply chain<\/span><\/a><span style=\"font-weight: 400;\"> signal Seoul\u2019s push to reduce its reliance on U.S.-centric trade. However, with escalating U.S.-China trade tensions potentially reshaping global markets, South Korea\u2019s ability to navigate these headwinds remains uncertain.<\/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) has reportedly lowered its 2025 growth forecast for South Korea to 2% \u2014 down 0.2 percentage points from its earlier projection of 2.2%. This adjustment follows the IMF mission team\u2019s two-week annual consultation with South Korea\u2019s finance ministry, the Bank of Korea and other relevant institutions. The IMF also reportedly [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2206742,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24],"class_list":["post-2207207","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 slashes South Korea\u2019s growth outlook citing external uncertainties - 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\/11\/imf-slashes-south-koreas-growth-outlook-citing-external-uncertainties\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF slashes South Korea\u2019s growth outlook citing external uncertainties - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"The International Monetary Fund (IMF) has reportedly lowered its 2025 growth forecast for South Korea to 2% \u2014 down 0.2 percentage points from its earlier projection of 2.2%. 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