S. Korea think tank raises forecasts for GDP, inflation

The Korea Development Institute projected the economy would now grow by 2.6% in 2024 compared to 2.2% before. — Reuters

SEOUL: South Korea’s state-run think tank has raised its economic growth forecast for this year and says inflation is expected to ease at a slightly slower pace, as it noted the need for gradual easing of monetary policy.

In its biannual economic forecast yesterday, the Korea Development Institute (KDI) projected the economy would now grow by 2.6% in 2024 compared to 2.2% before. In 2023, the economy grew at a three-year low of 1.4%.