Prolonged Middle East Conflict Cuts South Korea's 2024 Growth Forecast to 1.7%
The ongoing conflict in the Middle East has directly impacted South Korea’s economy, forcing the OECD to lower the nation’s growth forecast from 2.1% to 1.7% for 2024. Inflation estimates have simultaneously increased to 2.7%, nearly a full percentage point higher than prior projections. The war has disrupted supply chains and escalated global energy prices, affecting South Korean industries reliant on Middle Eastern trade routes. This economic slowdown affects not only manufacturers and exporters but also domestic consumers, as inflation pressures increase costs of living. Corporate confidence has weakened, raising concerns about investment and hiring in coming months. The swift... [Continue Reading]
360LiveNews | 30 Mar 2026 00:03
