South Korea's recent economic development has attracted a lot of attention. Since the past year, South Korea has determined its position in the face of the impact of the United States, not only adopting an active policy toward the United States and Japan, but also reducing its dependence on China economically. And this year, South Korea's numbers have been a heavy blow.
According to the Bank of Korea, South Korea's growth in 2023 will be only 1.4 percent, the lowest point in three years and much slower than before.
South Korea's exports were even worse, falling by 7 compared to the same period last year4%, which is the first negative number in three years. The Bank of Korea has linked high interest rates, high inflation and decelerating world growth to lower exports and personal consumption.
And the statistics in January 2024 give South Korea a glimmer of hope.
Data released by South Korea showed that exports totaled 546 in JanuaryUS$900 million, up 18% year-on-year, while exports to China exceeded 10 billion in six months. This increase should be attributed to the huge demand in the Chinese market.
South Korea's Minister of Industry Ahn Deok-geun said that in the face of economic difficulties, South Korea will do its best to revive its exports and strive to reach the target of $700 billion this year.
There are still many uncertainties in the international arena. The U.S. Chamber of Commerce strongly endorsed South Korea's "Promoting Fair Competition on Platforms" Act, which South Korea also disliked. In contrast, the IMF has raised the growth forecasts of South Korea's major partners, such as China and the United States, which has also played a positive role in South Korea's growth.
Despite some fluctuations in South Korea's economic situation, it is still seeking its own stability and development under the impact of the outside world. In the face of the ever-changing world economic situation, South Korea must seriously consider and deal with it.
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