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Korean Economic and Industrial Outlook for 2020

Author Economic Outlook and Analysis Division Date 2020.02.28 Series
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The real economy of South Korea maintained a low growth rate in 2019, as exports continued to decline and domestic consumption growth stagnated while the decline in investments eased off. In the second quarter, private consumption grew by around two percent, lower than the previous year, while the decline in facility and construction investment slowed somewhat.
The decline in exports (based on custom clearances) accelerated in 2019 due to the sluggish global economy, trade disputes, a decrease in semiconductor exports, and falling unit prices of exports. In 2020, the domestic economy is expected to grow by 2.3 percent as exports uptick despite the sluggish Chinese economy and other uncertainties in external conditions and stagnant investment is alleviated through government policy and gradual consumption growth.