BoK Cuts South Korea's 2023 Economic Growth Estimate Again to 1.4%

The Bank of Korea (BoK) announced its latest forecast for South Korea's economic growth in 2023, which has been lowered again to 1.4% from the previous 1.6%. Since this year, with factors such as the sharp decline in exports of semiconductor products, which are South Korea's main export product, continuing to ferment, South Korea's economy has encountered multiple challenges such as a decline in exports and a worsening foreign trade deficit, including the World Bank, the Bank of Korea and private think tanks as well as other institutions have lowered South Korea's economic growth forecast for this year.