Citigroup: Upgrades South Korea's economic growth forecast, chip boom expected to support expansion through 2028

BlockBeats news, September 30: Citigroup economist Kim Jin-wook said that although industrial production saw a temporary slowdown in August, South Korea's economy is expected to grow faster than previously forecast.

He noted that auto production was temporarily disrupted in August due to labor strikes and summer vacations, but the sector has already shown recovery in September. Kim raised South Korea's 2026 GDP growth forecast by 0.1 percentage point to 3.8%, and upgraded the 2027 forecast by 0.2 percentage point to 3.3%. He said the upward revisions were mainly based on the recovery in the auto industry, as well as strong overall manufacturing performance driven by the semiconductor industry boom. Citigroup expects South Korea's chip-driven economic expansion to continue through 2028. (Jinshi)

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Citigroup: Upgrades South Korea's economic growth forecast, chip boom expected to support expansion through 2028

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