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South Korea's Economy Grew 2.0% in 2024 After a Lackluster Fourth-Quarter

Political turmoil over impeached President Yoon Suk Yeol, who failed a martial law attempt in December, and sluggish domestic demand weighed on Asia's fourth-largest economy.
South Korea's economy experienced a 2.0% growth in 2024, following a lackluster performance in the fourth quarter, as reported by the Bank of Korea. Despite the annual growth, the final quarter saw a contraction of 0.4% on a seasonally adjusted basis, primarily due to a significant drop in exports, particularly in the semiconductor sector. This downturn was somewhat offset by a robust increase in private consumption, which rose by 0.2% in the last quarter, driven by spending on services. However, the overall economic growth for the year was below expectations, reflecting challenges in global demand and domestic economic conditions. The government and the central bank are now focusing on strategies to boost exports and stimulate domestic demand to ensure a more balanced economic recovery.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/economy/south-korea-s-economy-grew-2-0-in-2024-after-a-lackluster-fourth-quarter/ar-AA1xGvQH ]