South Korea

The Republic of Korea's government will actively engage in the G20 conference in order to strengthen its global standing and contribute to recovering the global economy by developing infrastructure conducive to Korea's long-term progress.

South Korea's economic growth will drop to 1.6% next year, down from an expected 2.5% this year, as the global economy loses steam and pent-up domestic spending after the relaxation of COVID-19 limitations fades. That would be less than Asia's fourth-largest economy's average 2.3% growth rate over the previous five years, which is home to key worldwide suppliers of everything from autos and ships to computer chips and industrial gear. It is forecast that inflation will decrease to 3.5% in 2023, down from 5.1% last year, when the economy was still recovering from the Asian financial crisis. According to the government, exports would dip by 4.5% next year, reversing a 6.6% growth in 2022. However, it stated that it would give extensive assistance to export industries in order to decrease the extent of the export fall.