Economic Overview of the Republic of Korea 2024

Published on May 30, 2024
Published by Economic Analysis Coordination Division, Economic Analysis Department

   The Korean economy has experienced rapid growth since the 1960s, with real GDP in 2023 expanding more than 68 times compared to 1960. However, this growth trajectory has seen a gradual decline in growth rates since the global financial crisis. External uncertainties, such as the prolongation of the Russia-Ukraine war, intensification of carbon trade barriers, and competition for technological hegemony between the United States and China, are emerging. Internally, Korea's growth potential is being hampered by high interest rates, high inflation, and a decrease in the total population due to low fertility rates and aging.
   This report aims to enhance understanding of the Korean economy, provide objective economic information, and support the identification of timely policy agendas in light of increasing internal and external uncertainties.
   Part I explains the structure and components of the Korean economy, examining economic circulation and growth through the lenses of production, distribution, and expenditure. Part II introduces representative Korean economic indicators, such as the economic growth rate, while also incorporating international comparison information for major economic indicators such as GDP per capita. Part III elucidates the goals, means, and entities of Korea's economic policy, introducing major economic policies for each sector. These policies include initiatives to address challenges such as low fertility rates and aging, promote artificial intelligence (AI) and digital transformation, and stimulate consumption.