An economic monitoring organization in Asia expects South Korea's economy to expand two-point-three percent this year, keeping with its previous forecast in December 2023.
 
According to the Ministry of Economy and Finance on Monday, the ASEAN+3 Macroeconomic Research Office(AMRO) made the assessment based on the recovery of the semiconductor sector, analyzing that the boost in exports will lead to overall economic growth.
 
AMRO forecasts South Korea's economy to grow two-point-one percent next year while predicting the country's inflation will rise by two-point-five percent in 2024 and two percent next year.
 
It added that the regional economy for Korea, China, Japan, and the ten ASEAN countries(ASEAN+3) will expand four-point-five percent this year and four-point-two percent in 2025 due to solid domestic demand, investment, exports and the recovery of the tourism industry.
 
The organization expects inflation to slow in most ASEAN+3 countries due to the stabilization of global raw material prices, with the inflation rate in the region forecast to be four-point-three percent in 2024 and three-point-seven percent in 2025.