In a surprising economic turn, South Korea’s GDP has contracted by -0.2% in the second quarter of 2024, marking a significant shift from the previous quarter’s growth of 1.3%. The latest data, updated on September 4, 2024, indicates that the economy is struggling compared to the first quarter’s performance.The quarter-over-quarter comparison paints a concerning picture for South Korea’s economic trajectory. While the first quarter experienced a healthy expansion, the second quarter’s downturn highlights potential underlying issues within the economy that may need immediate addressing. Analysts are closely monitoring these developments to determine the contributing factors and to forecast future trends.The decrease in GDP comes at a critical time as global economic conditions remain volatile. Policymakers and investors alike will be analyzing this data to gauge the potential impact on both the domestic and international markets. As South Korea navigates through this economic contraction, strategic interventions and policy adjustments might be necessary to steer the economy back to a growth path.The material has been provided by InstaForex Company – www.instaforex.com
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