Korea’s economy sees slower-than-expected rebound in Q3

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In August, it had expected the economy to expand 2.4% this year.“It cannot be considered good although the growth rate rebounded in the third quarter from a negative figure in the second,” Shin said.“Mathematically, We need 1.2% growth in the fourth quarter to achieve the 2.4% forecast for this year.” BOND YIELDS DOWNSouth Korean government bond yields fell across the board in the morning after the data's release, although US Treasury yields rallied overnight.

The BOK said shipments of automobiles and chemicals dragged the overall overseas sales and the export growth in information technology products such as semiconductors slowed.“Exports are expected to stay sluggish in the fourth quarter, given the slow recovery in demand for goods in developed countries and risk of a supply glut,” said Shinhan Securities Co.in a note.

South Korea’s economy rebounded slower than central bank expectations in the third quarter on sluggish exports, adding to predictions that the Bank of Korea (BOK) may cut interest rates earlier than forecast to bolster Asia’s fourth-largest economy.

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Category: Economy

Markets: South Korea

Topics: South Bank Exports Third Economy Year Central Growth Korea’s Forecast Quarter

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Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-24 @ 12:38:07 (4 days ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 525 words

Reading Time: 3 minutes read

Sentences: 24 lines

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