Rising production costs add to consumer inflation concerns
Producer prices in Korea increased for the third consecutive month in September amid global oil market volatility, data showed, Tuesday.
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Producer prices in Korea increased for the third consecutive month in September amid global oil market volatility, data showed, Tuesday.
Korea faces an increased risk of an L-shaped economic slump, according to analysts, in stark contrast to the government’s forecast that the economy will overcome sluggish performance in the first half of this year and recover in the remaining half.
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The International Monetary Fund (IMF) lowered its 2024 economic growth forecast for Korea to 2.2 percent, Tuesday, down 0.2 percentage points from its previous forecast in July. However, it maintained the country's 2023 growth forecast at 1.4 percent.