South Korea’s economic growth in 2023 estimated at 1.9%
The Korea Institute for Industrial Economics and Trade said in its Nov. 21 report that South Korea’s economy is expected to grow 1.9 percent next year.
“South Korea’s annual exports are expected to decline 3.1% next year, with shrinking demand and deteriorating conditions in the semiconductor industry more than offsetting the positive effects of stabilizing prices. prices of raw and auxiliary materials and price competitiveness based on a weak won,” he said, adding, “Annual imports are expected to decline by 5.1 percent based on the stabilization of oil prices and raw materials and a slowdown in the national economy, and its annual trade deficit is expected to decline to $26.6 billion from around $42.6 billion.
As for the 13 key industries that account for about 80 percent of South Korea’s exports, the institute said that automotive industry exports are expected to grow by 2.5 percent next year, the respective figures of shipbuilding, rechargeable batteries and biotechnology and healthcare are expected to rise. 42.4%, 17.3% and 6.5%, and the rest should remain slow. “The combined exports of the 13 sectors are expected to increase from $539.7 billion to $517.9 billion next year,” he said, adding that “imports in these industries are expected to increase by 8% this year and fall 1.2% next year”.
The average international oil price for next year, estimated by the institute, is $90 a barrel. He also said that the average dollar won exchange rates for the first half and second half of next year are estimated at 1,343.3 won and 1,295 won per US dollar, respectively.