South Korea economic growth to exceed potential rate in 2024, Yoon says
© Reuters. President of South Korea Yoon Suk-Yeol speaks at the opening session of Saudi Arabia's Future Investment Initiative conference in Riyadh, Saudi Arabia, October 24, 2023. Saudi Press Agency/Handout via REUTERS
The government is closely monitoring the economic and security situations and prepared to take response measures in a timely manner, Yoon said in a speech to parliament on next year's proposed budget. South Korea's potential growth rate - the maximum economic growth that can be achieved without triggering inflationary pressure - is estimated to be around 2%, policymakers have said.
In a Reuters survey conducted early this month, economic growth was forecast to slow to 1.2% in 2023 from 2.6% in 2022, followed by a recovery to 2.1% in 2024.The government in August unveiled its 2024 budget plan that included the smallest increase in two decades amid weakening tax revenue due to slower economic growth.Yoon again stressed the importance of fiscal discipline to help stabilise domestic inflation and sustain the country's credit ratings.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rock the South 2024: Eric Church, Jelly Roll, Hardy headline lineupOliver Anthony, the Virginia singer-songwriter who made waves with 'Rich Men North of Richmond,' also is set to perform at the festival in Alabama.
Read more »
Indonesia candidates call on president to remain neutral ahead of 2024 pollTwo potential successors of Indonesia's outgoing President Joko Widodo on Monday called on him to remain neutral in the run-up to next year's election amid public criticism he may be trying to retain power after leaving office.
Read more »
The Conan Chronicles 4K Limited Edition Arrives in 2024Arrow is producing a Conan Chronicles 4K Limited Edition Blu-ray set that is set to arrive early in 2024 and contains both classic films.
Read more »
Iowa poll: Nikki Haley surges as Ron DeSantis frozen in placeIowa Republicans will be first to vote in the 2024 primary calendar.
Read more »
ECB hawks take aim at rate cut bets for first half of 2024ECB hawks take aim at rate cut bets for first half of 2024
Read more »