Published 3 months ago

South Korea's Economy Faces Unexpected Contraction, Rate Cut Likely

Summary by Devdiscourse

South Korea's Economy Faces Unexpected Contraction, Rate Cut Likely South Korea's economy experienced an unexpected contraction in the second quarter of 2024, marking its sharpest decline since 2022. This downturn is primarily driven by weakening consumer spending, which has overshadowed a robust export performance.According to data from the Bank of Korea, the gross domestic product (GDP) for the April-June period fell by 0.2% from the previous…

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South Korea's Economy Faces Unexpected Contraction, Rate Cut Likely

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