South KoreaDue to the surge in global demand for artificial intelligence,semiconductorExports hit a record high and the government sharply raised its economic growth forecast.
According to the Ministry of Finance's statement on Wednesday, the government expects GDP to grow by 2.61% this year, 0.4 percentage points higher than the previous forecast. Meanwhile, the inflation rate remains unchanged at 2.61%. The forecast is 0.1 percentage point higher than the Bank of Korea's forecast, showing the optimistic trend of South Korea's rapid economic growth.
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People's optimism about the economic outlook is also reflected in export data. The South Korean government announced on Monday that South Korea exported a record number of semiconductors in June this year, driving the country's trade surplus to US$8 billion, the largest level since 2020.
Despite the high interest rates, the South Korean government remains optimistic about economic growth. South Korea now expects a current account surplus of $63 billion this year, $3 billion higher than the previous forecast of $50 billion. This figure will also be a significant increase from last year's $35.5 billion. However, the government remains concerned about the speed of recovery in private consumption and the persistence of credit risks in the construction sector. Facility investment in export-related areas is expected to rebound, but financing conditions in the construction industry may remain weak.