South Korea's Economy Faces Rising Headwinds In 2023

Feb. 05, 2023 4:05 AM ETEWY, FLKR, KORU2 Comments
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Summary

  • The South Korean economy slowed significantly during the second half of 2022, with GDP contracting by 0.4% quarter-on-quarter (q/q) in the fourth quarter of 2022.
  • South Korea's manufacturing sector remained in contraction territory at the start of 2023, according to latest PMI data from S&P Global, as another contraction in new orders drove output volumes down.
  • South Korean GDP growth is estimated to moderate from 2.5% in 2022 to 1.7% in 2023, according to the latest forecast by S&P Global Market Intelligence.

Sunset of Hwaseong fortress is a Joseon Dynasty that surrounds the centre of Suwon City,South Korea.

GoranQ/iStock via Getty Images

The South Korean economy slowed significantly during the second half of 2022, with GDP contracting by 0.4% quarter-on-quarter (q/q) in the fourth quarter of 2022. South Korea is expected to face continuing economic headwinds in 2023, due to the impact of

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