The South Korean economy grew by 1.4% in 2023 by EFE

The South Korean economy grew by 1.4% in 2023

Seoul, Jan. 25 (.) – South Korea's gross domestic product (GDP) posted annual growth of 1.4% in 2023 despite weak exports and tepid domestic demand amid generalized global currency tightening.

The South Korean economy grew, according to Bank of Korea (BOK) forecasts, but last year's increase marked a slowdown compared to growth of 2.6% in 2022 and 4.3% in 2021. Korean Central Bank.

South Korean exports grew 2.8% last year, up from 3.4% a year earlier; Imports are up 3%, down five-tenths from 2022.

In the last quarter of last year, the October to December quarter, South Korea's gross domestic product grew at a rate of 0.6% quarter-on-quarter and 2.2% year-on-year.

Asia's fourth-largest economy is on track to recover from a 0.3% contraction in the fourth quarter of 2022, driven by aggressive monetary tightening globally amid rising inflation, rising geopolitical tensions and a slowdown in the Chinese economy. Trading partner.

Earlier this month, South Korea's central bank said it wanted to keep benchmark interest rates at 3.5% for the eighth straight time, while weighing on slowing economic growth at a time to rein in inflation.

The BOK rate freeze came after the lender implemented seven consecutive rate hikes from April 2022 to January 2023, trying to contain inflation in line with other key forces.


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