Korea’s economy remains in the doldrums, with figures published earlier this week showing the economy contracted by 0.2% in the first quarter. Investment was particularly weak, dragged down by a sharp decline in construction activity linked to a prolonged slump in the property market. With unsold housing stock still elevated, a rebound in construction looks unlikely in the near term. In response to the disappointing Q1 figures, we’ve downgraded our 2025 GDP growth forecast from 0.9% to just 0.5%.
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