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KDI Economic Outlook 2024-2nd Half
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The Korean economy is projected to grow by 2.0% in 2025, slightly down from 2.2% in 2024, with moderate improvements in domestic demand tempered by a slower pace of export growth.
Private consumption and equipment investment are expected to rise, supported by interest rate cuts and favorable trends in transport and semiconductor-related investment. However, challenges persist, as construction investment is likely to decline due to reduced construction orders and uncertainties in global trade. Inflation is anticipated to ease further to 1.6%, while employment gains may slow due to a shrinking working-age population.
Key policy directions for 2025 include managing the pace of government expenditure growth and gradually reducing the base rate, considering the likelihood of continued slowing in price increases. Additionally, while short-term systemic risk in Korea's financial market appears minimal, mid- to long-term stability will require avoiding liquidity support for struggling firms and improving assessments of loan repayment capacity.
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KDI Monthly Economic Trends (2024.11)
Favorable export momentum led by ICT products
Korea's economy continues to show moderate export momentum, driven by ICT products, though domestic demand recovery is limited by weak construction investment. The semiconductor inventory-to-shipment ratio is decreasing, and rising equipment investment suggests that positive export effects may gradually benefit the domestic economy. However, declining goods consumption and a prolonged contraction in the construction market are slowing the overall recovery, with the inflation rate continuing to decelerate.
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2024 APN Conference
Exploring New Paradigms
for PPP
The 2024 Asia-Pacific PPP Practitioners’ Network (APN) was held in Seoul, Korea, on October 22-23. Co-organized by KDI, the World Bank Group, ADB, ADBI, and sponsored by Korea’s Ministry of Economy and Finance, the event gathered infrastructure and PPP experts from Asia and the Pacific. Around 40 public sector representatives from countries like Australia, Indonesia, Japan, and Vietnam attended, fostering discussions on public-private partnerships and regional infrastructure development.
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KDI GKEDC
2024 Knowledge Exchange Days (KED)
The inaugural 2024 Knowledge Exchange Days (KED) took place from October 31 (Thu) to November 1 (Fri), hosted by the Ministry of Economy and Finance and organized by KDI and GKEDC. Under the theme "Digital Transformation for Better Lives," this first-ever event offered various programs, including a conference, knowledge forums, a special exhibition, education programs, and a cultural night. It provided a vibrant platform for domestic and international participants to build networks and explore practical solutions.
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KDI-Hungary AI Seminar:
Harnessing AI Potential
On October 3rd, KDI and Hungary’s Ministry for National Economy held a seminar in Budapest titled "Harnessing AI Potential: Leveraging Policy and Regulatory Frameworks."
South Korea Needs More Big Company Jobs
South Korea’s low share of jobs in large enterprises drives social issues like reduced mobility and low birth rates, highlighting a need to address barriers to company scale-up.
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