South Korea Country profile

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South Korea’s economy grew 3.0% in 2017, and is forecast to expand at similar levels over the next five years. The government’s ongoing focus on enhancing productivity, increasing public sector employment, minimum wages, and social-spending will support both consumption spending and growth. Construction investment—the key driver of growth since 2015—is slowing, but stronger global demand for Korean exports should offset this.

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In 2017 South Korea’s Per Capita GDP was US$29,730, an 8% increase from the year prior. This figure is expected to surpass US$35,000 by 2022 driven by targeted fiscal stimulus aimed at reducing income inequality.

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