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Korea’s Economy Grew by 1.3% in the Q1 of 2024, Posting the Highest Growth in 27 Months
The faster-than-expected growth indicates a clear green light that the Korean economy is on a growth trajectory.
[Summary]
The GDP growth greatly outpaced the market estimates ranging from a 0.5% to 0.6% expansion.
Major global financial institutions have upwardly revised their forecasts of Korea's economic growth for 2024.
*IMF: 2.2%→2.3% (Jan 2024) / J.P.Morgan: 2.2→2.3% (Apr 2024)
[Assessment]
- Private sector-driven rebound, not solely relying on government spending
- A well-balanced recovery drvien by robust robust exports and improving domestic consumption
