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South Korea lowers 2023 GDP growth forecast

Korea's economic growth rate projection for 2023 has been revised downwards from 1.6% to 1.4%, reflecting challenges in its export sector and delaying an expected recovery to next year, according to the Finance Ministry. A full-scale recovery is now forecast for 2024, with President Yoon Suk Yeol emphasizing the importance of exports as the country's economic cornerstone. In addition, the projected consumer price inflation rate was reduced to 3.3%, closer to the Bank of Korea's target of 2%. To stimulate economic recovery, the government plans to promote exports and investments, extend support to small and medium-sized enterprises, and encourage the return of overseas businesses to the country's strategic industries.

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