South Korea economic growth to exceed potential rate in 2024, Yoon says
© Reuters. President of South Korea Yoon Suk-Yeol speaks at the opening session of Saudi Arabia's Future Investment Initiative conference in Riyadh, Saudi Arabia, October 24, 2023. Saudi Press Agency/Handout via REUTERS
The government is closely monitoring the economic and security situations and prepared to take response measures in a timely manner, Yoon said in a speech to parliament on next year's proposed budget. South Korea's potential growth rate - the maximum economic growth that can be achieved without triggering inflationary pressure - is estimated to be around 2%, policymakers have said.
In a Reuters survey conducted early this month, economic growth was forecast to slow to 1.2% in 2023 from 2.6% in 2022, followed by a recovery to 2.1% in 2024.The government in August unveiled its 2024 budget plan that included the smallest increase in two decades amid weakening tax revenue due to slower economic growth.Yoon again stressed the importance of fiscal discipline to help stabilise domestic inflation and sustain the country's credit ratings.
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