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[The 2nd anniversary of the Yoon administration]
The Korean economy overview in 2024
ㅇ Stable management of key macroeconomic indicators
- Recorded the highest real GDP growth in 9 quarters
(3.4% compared to the same period last year)
- Boosted vitality in the Korean stock market by strengthening support measures to increase corporate value
(Launch of the ‘Corporate Value-up Program’)
*Korea ranked 2nd best for 2023 among 35 OECD countries in economic performance (The Economist, Dec. 2023)
o Highest ever employment rate and lowest ever unemployment rate
- The employment rate reached an all-time high of 62.6% in 2023
- The unemployment rate reached a record low of 2.7% in 2023
o Reaffirmation of the highest ever sovereign credit ratings from three major credit appraisers in 2024.
o Establishment of fiscal consolidation
- Restrained total government spending growth
- Stably managed national debt
The government will make all-out efforts to:
- achieve gross national income per capita of US$40,000 by overcoming challenges and taking giant strides forward in economy.
- maintain the highest ever sovereign credit ratings.
- alleviate the burden on future generations through sustainable fiscal management.