Citi Raises South Korea's Economic Growth Forecast to 2028

Citi Group economist Jin Jin-seok stated that South Korea's economic growth rate is expected to be faster than previously predicted, despite a temporary slowdown in industrial production in August. Due to labor strikes and summer vacations in August, automobile production was temporarily interrupted, but the industry has shown signs of recovery in September. Jin has raised the GDP growth forecast for South Korea in 2026 by 0.1 percentage points to 3.8% and for 2027 by 0.2 percentage points to 3.3%. The upward revision is mainly based on the recovery of the automobile industry and the strong overall performance of manufacturing driven by the prosperity of the semiconductor industry. Citi expects that the economic expansion in South Korea, driven by the chip industry, will continue until 2028.

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