Republic of Korea: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Korea

Author: International Monetary Fund. Asia and Pacific Dept

Volume/Issue: Volume 2025 Issue 041

Publication date: February 2025

ISBN: 9798229000161

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Topics covered in this book

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Finance , Inflation , Labor , Public Finance , Demography , Productivity , Inflation , Labor markets , Aging , Labor force , Currency markets

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Summary

The Korean economy has remained resilient against multiple shocks. Economic growth has recovered, inflation has steadily declined, and financial stability risks have decreased. However, downside risks have increased amid high uncertainty from policy shifts in major trading partners and recent domestic political developments. Key medium-term challenges are to boost the growth potential amidst rapid population aging, and to adapt to shifting trade patterns, transformative technological change, and climate vulnerabilities.