South Korea's economy unexpectedly shrank 0.2% in Q2, marking the sharpest contraction since Q4 2022.

South Korea's economy unexpectedly shrank by 0.2% in the second quarter, marking the sharpest contraction since Q4 2022. The contraction missed forecasts of a 0.1% gain and decelerated from the 1.3% expansion in Q1. Annual GDP growth slowed to 2.3% in Q2 compared to the 3.3% growth recorded in the previous quarter. The unexpected contraction may increase calls for the Bank of Korea to cut interest rates.

July 24, 2024
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