South Korean Think Tank Raises Growth Forecasts for Next Two Years

Deep News08-19

A state-run economic research institute in South Korea has upgraded its growth projections for both this year and the next, driven by robust semiconductor exports and strong investments in artificial intelligence.

The Korea Development Institute (KDI), in its economic outlook report released on Wednesday, now forecasts a 3.2% expansion in gross domestic product (GDP) for 2026, a significant upward revision from the 2.5% growth it had projected back in May.

As Asia's fourth-largest economy, South Korea serves as the home base for major global memory chip manufacturers, including Samsung Electronics and SK Hynix. The nation's GDP is now expected to rise by 2.2% in 2027, exceeding the institute's earlier estimate of 1.7%.

"As global semiconductor demand exceeds expectations, the economic impact is anticipated to surface primarily through strong exports and facility investments this year, before partially spilling over into private consumption by next year," the KDI noted in its report.

The institute also maintained its consumer inflation forecasts, expecting price growth of 2.7% in 2026 and 2.2% in 2027, unchanged from previous projections.

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