3% growth of the Korean economy is far away…but 1Q growth rate is 0.7% due to frozen consumption and investment
In the first quarter of this year, private consumption and investment in the Korean economy fell sharply, growing only 0.7%. Export companies such as semiconductors performed well, but growth was hampered by a growing economic burden due to the COVID-19 epidemic and the aftermath of the Ukraine war.
On April 26, the Bank of Korea announced that the real gross domestic product (GDP) growth rate in the first quarter (breaking figures) increased by 0.7% from the previous quarter. Analysts say that the quarterly growth rate will fall to the 0% level again for the first time in half a year since the third quarter of last year (0.3%), falling below the 3% growth target (3.1%) set by the government. This means that 2% growth is becoming a reality.
▶ The won-dollar exchange rate is at its highest in more than two years amid fears of a ‘big step’ in the US