The International Monetary Fund (IMF) revealed on Sunday that South Korea’s economy is expected to maintain a growth trajectory of 2.1% to 2.3% until 2028.
The International Monetary Fund’s annual Article IV consultation report for South Korea predicted that South Korea’s real GDP would reach 2.2% in 2024, with projected growth of 1.4% this year.
The IMF projected South Korea’s GDP to grow by 2.3% in 2025, followed by a 2.2% increase in both 2026 and 2027, and 2.1% in 2028.
Expectations may change because they did not take into account factors related to China’s economic recovery.
Furthermore, the IMF estimated South Korea’s potential production rate at 2.1% this year, 2.2% for 2024 and 2025, and 2.1% for 2026 to 2028.
The International Monetary Fund’s inflation forecast in South Korea was revised up from the previous 3.4% to 3.6% for the year. In addition, next year’s forecast was revised upward from 2.3% initially to 2.4%.
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