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.
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.
He also pledged South Korea would maintain mutually beneficial cooperation with China, South Korea's largest trading partner.
Persons:
South Korea Yoon Suk, Yoon Suk Yeol, Yoon, 1,348.7800, Jihoon Lee, Ed Davies
Organizations:
South, Saudi, Future Investment Initiative, Saudi Press Agency, Handout, REUTERS Acquire, Rights, Gross, Bank of, Thomson
Locations:
South Korea, Riyadh, Saudi Arabia, Rights SEOUL, United States, Bank of Korea, Washington, China, South