Macro - Country Economic Forecasts - South Korea
We have cut our GDP growth forecasts by 0.3ppts to 2.8% in 2022 and by 0.1ppt to 2.8% in 2023 to reflect the impact of the Russia-Ukraine war. While South Korea has limited direct trade links to Russia and Ukraine, the war has led to higher commodity prices that will worsen the terms of trade and raise CPI inflation, which will dampen domestic demand. We now see CPI inflation at 3.3%, up from 3% previously and 2.5% in 2021.
- Macro - Country Economic Forecasts - South Korea
- South Korea: Russia
- Ukraine war prompts growth downgrades
- Forecast overview
- Recent developments
- Short-term outlook
- Key drivers of our short-term forecast
- Economic risk
- Economic risk evaluation
- Risk warnings
- What to watch out for
- Exposure to key global risks
- Long-term prospects
- Background
- Economic development
- Structure of the economy
- Balance of payments and structure of trade
- Policy
- Politics
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