South Korea’s economic growth rate in the fourth quarter of last year fell to the lowest tier among major global economies. According to the Bank of Korea’s Economic Statistics System on the 17th, Korea’s gross domestic product (GDP) growth rate in the fourth quarter of last year was -0.276%, ranking 22nd out of 24 countries that had released preliminary figures by the previous day. Ireland recorded the lowest growth at -0.571%, followed by Norway at -0.333%, which was lower than Korea’s rate. Only five countries, including Canada (-0.1%) and Estonia (-0.012%), experienced negative growth in the fourth quarter. The highest growth was recorded by Lithuania, which grew by 1.709% in the fourth quarter. Indonesia (1.338%), China (1.2%), Poland (1.042%), Portugal (0.8%), and Mexico (0.8%) followed as high-growth countries. South Korea’s quarterly growth rates last year showed significant volatility. The first-quarter growth rate was -0.219% due to a contraction in consumption caused by a state of emergency, but it rebounded to 0.675% in the second quarter and 1.334% in the third quarter thanks to strong exports. However, the economy turned back to negative growth in the fourth quarter due to the base effect from the high growth in the third quarter and sluggishness in the construction industry. The annual growth rate was 0.97%, failing to exceed 1%. This year, the economic growth rate is difficult to predict due to mixed factors such as record semiconductor exports and unexpected variables like U.S. tariffs. The Bank of Korea had projected a growth rate of 1.8% for this year in its November 2024 economic outlook, noting that the possibility of an upward revision had increased due to factors such as the prolonged semiconductor cycle. However, uncertainty grew after U.S. President Donald Trump warned last month of raising tariff rates from 15% to 25% under the Korea-U.S. agreement while urging swift investment in the U.S. (ICE SEOUL)

Fonte notizia: The Chosun Daily