South Korea Forecasts Slower-Than-Expected Economic Recovery in 2024

South Korea’s economic recovery is forecast to be slower than expected this year, with inflation likely to be sticky, the Ministry of Economy and Finance said in a semiannual report.

The ministry on Thursday said it expects the country’s gross domestic product to rise 2.2% in 2024, softer than its July forecast of 2.4% growth. Asia’s fourth-largest economy is estimated to have expanded 1.4% in 2023.