Government: 'Greater Likelihood of 3% Growth This Year… $40k Per Capita GNI Needs Monitoring'

With the real gross domestic product (GDP) growth rate for the second quarter recorded at 0.6%, the government projected that the likelihood of achieving its target growth rate of 3% for this year has increased.

Following the Bank of Korea's announcement of the second-quarter growth rate today (July 23), the Ministry of Economy and Finance explained in a distributed statement that strong growth momentum continued into the second quarter despite the base effect from high growth in the first quarter and the impact of the Middle East war.

However, it added that downside risks, such as the re-escalation of tensions in the Iran war and U.S. tariffs, still remain.

Regarding the attainment of a per capita gross national income (GNI) of 40,000 U.S. dollars this year, the ministry stated that the possibility has also grown.

However, it added that it is necessary to monitor the situation further as various factors, such as the won-dollar exchange rate and nominal growth rate in the second half, will come into play.

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.