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Moody's raises South Korea's 2024 growth forecast to 3.5%
🇰🇷 South Korea /Economy & Trade

Moody's raises South Korea's 2024 growth forecast to 3.5%

From Chosun Ilbo · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

News Official statement New plan
  • Moody's has significantly raised its growth forecast for South Korea's economy this year to 3.5% from 2.5%.
  • This upward revision surpasses the projections of the South Korean government, the IMF, the OECD, and major investment banks.
  • Moody's had previously increased its forecast in May from 1.8% to 2.5%, indicating a consistently improving outlook for the Korean economy.

International credit rating agency Moody's has substantially upgraded its economic growth forecast for South Korea, projecting a 3.5% expansion for the year. This marks a significant increase from its previous estimate of 2.5%.

The revised forecast places South Korea's economic prospects higher than those anticipated by its own government, which projects 3% growth. International bodies like the International Monetary Fund (IMF) and the Organisation for Economic Co-operation and Development (OECD) had forecast 2.6% growth, while the average projection from eight major investment banks stood at 3.2%.

This is not the first time Moody's has revised its outlook upwards for South Korea. In February, the agency predicted 1.8% growth, which was then raised to 2.5% in May. The latest adjustment reflects a consistently positive and strengthening view of the South Korean economy's performance and resilience.

DistantNews Editorial

Originally published by Chosun Ilbo in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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