South Korea's Economic Growth Slows to 2% in 2024

  • Republic of Korea (ROK)
  • 23 January 2025
1

Data released by the South Korean central bank showed that the economy recorded weaker-than-expected growth in 2024, amid slowing export growth, falling domestic demand and the political crisis.

Preliminary data from the Bank of Korea showed that real GDP (a key measure of economic growth) grew by just 2 percent last year.

The central bank's previous forecast was for growth of 2.2 percent, meaning that economic performance came in lower than expected, despite the improvement compared to growth of 1.4 percent in 2023. In the fourth quarter of 2024, the South Korean economy grew by only 0.1 percent quarter-on-quarter.

Source (Al-Arabiya.net Website, Edited)

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