Economic Outlook(November 2023) 

    Korea’s economy was sluggish in the first half of the year, but has been improving modestly thanks to the rebound  in the IT business cycle since the second half of the year, and growth is expected to continue to improve next year.

     Consumer price inflation has been slowing since its peak last year and has recently rebounded due to supply shocks, but it is predicted to show an overall slowing trend due to weakening domestic demand-side inflationary pressures.

    In sum, Korea’s economy is expected to continue to improve, driven by exports and facilities investment, and inflation is forecast to be slightly higher than the previous forecast due to the impact of accumulated cost push inflationary pressures and other factors, but the trend is expected to continue to slow.