The IMF predicts that Korea's general government gross debt will reach 60 percent of its GDP by 2029. Global public debt is projected to approach 100 percent of GDP by the end of the decade.
The country's gross national income reached $33,745 in 2023, according to data from the Bank of Korea, after falling behind Taiwan's in 2022.
Korea’s per capita gross national income (GNI) reached $33,745 last year, up 2.6 percent from a year earlier as the economy started to pick up and the won stabilized against the greenback.
Korea’s economy grew 1.4 percent last year, the lowest in three years, due to sluggish exports and weak domestic demand amid monetary tightening.
North Korea’s economy shrank for the third consecutive year while the country’s population reached 25.7 million, around half of South Korea’s 51.67 million, according to Statistics Korea’s report on Wednesday.
Korea's gross regional domestic product (GRDP) experienced a 3.9 percent year-on-year increase in 2022, primarily driven by growth in the manufacturing sector.
Korea's economy grew 0.6 percent in this year's third quarter, matching an earlier estimate from the Bank of Korea (BOK) on reviving exports and domestic demand.
A trio of key economic indicators — industrial output, retail sales and facility investment — fell into a downward trajectory in October, reversing an upturn trend from the previous month.
The Korea Development Institute has lowered Korea's growth forecast for this year and next year due to weak consumer spending and high interest rates.
Korea’s economy expanded 0.6 percent in the July-September period on quarter due to a recovery in consumer spending, according to the advance estimate released by the Bank of Korea (BOK) on Thursday.
Korea JoongAng Daily Sitemap