SEOUL — The presidential office on Thursday suggested a potential revision of South Korea's economic growth forecast for 2024, following unexpectedly strong first-quarter results.
According to Yonhap News Agency, the nation's GDP expanded by 1.3 percent quarter-over-quarter and 3.4 percent year-over-year in the first three months, marking the most robust growth since before the COVID-19 pandemic.
Director of National Policy Sung Tae-yoon, in a press briefing, noted that this growth, primarily driven by the private sector along with increases in spending, construction, and investment, might lead to an upward revision of the current 2.2 percent growth projection for 2024. The positive performance is bolstered by improving exports and domestic consumption, suggesting sustained momentum that could revise economic expectations upward.