South Korea Economic Outlook 2024: Business Expansion Opportunities
The Bank of Korea raised its 2024 real GDP growth forecast to 2.5%, up from 2.1%, citing strong export performance. In its latest economic outlook released on May 23, the Bank noted that first-quarter growth exceeded expectations at 1.3% compared to an anticipated 0.6-0.7%. Governor Rhee Chang-yong attributed this upward revision to robust global IT sector performance and strong growth in the U.S. economy, contributing to a 0.3 percentage point increase. This optimistic outlook underscores South Korea's attractiveness for foreign entrepreneurs and investors seeking business expansion opportunities. This article provides insights into the procedures for setting up a company in Korea, tailored for foreign investors and entrepreneurs.