Analysis by Region - Asia Pacific - South Korea
We cut our 2024 GDP growth forecast for South Korea by 0.2ppts to 2.2%, due to disappointing growth in Q3. Although domestic demand recovered slightly, exports contracted, and we think the contribution to growth from net exports has likely peaked. We expect the recovery in investment will support GDP in the next few quarters, while consumption growth will be patchy. We also downgraded our 2025 GDP growth forecast to 1.9% from 2.2%.
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