South Korea’s economy shrank for the first time since the beginning of the pandemic last quarter, an outcome that supports the view the central bank is likely done with interest rate hikes for now. Know more:
South Korea’s economy shrank for the first time since the beginning of the pandemic last quarter, an outcome that supports the view the central bank is likely done with interest rate hikes for now.
For 2022 as a whole, the economy expanded 2.6 percent from a year earlier, in line with an earlier BOK projection. Officials and economists largely expect the economy to rebound without the need for a round of extra spending from President Yoon Suk-yeol’s government. Going forward, the strength of China’s economic recovery will likely be a key factor for exports, while developments in the property market number among the key areas of concern at home.
An economic slowdown in China particularly hurt Korean exports last year. Policymakers are also concerned about the potential impact of growing US curbs on China over semiconductor exports, given Korea has large chipmaking facilities in the world’s second-largest economy. Household spending had been a key driver of economic growth for most of last year following the relaxation of virus regulations.
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