In a recent update released on September 4, 2024, South Korea’s Gross Domestic Product (GDP) growth has shown a significant slowdown, registering at 2.3% for the second quarter of this year. This marks a considerable decline from the previous quarter’s year-over-year growth rate of 3.3%.The change, which was meticulously compared to the same period a year ago, signals a reduction in the economic momentum that South Korea experienced during the second quarter. The steep drop, from the 3.3% growth witnessed in the second quarter of 2023 to the current 2.3%, raises concerns about the country’s economic resilience amid global economic uncertainties and domestic challenges.Economists and policymakers are now closely monitoring the contributing factors to this slowdown, which might include fluctuations in international trade, changes in domestic demand, and other macroeconomic variables. The latest data provides crucial insights for shaping economic policies to invigorate South Korea’s growth trajectory in the coming months.The material has been provided by InstaForex Company – www.instaforex.com
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