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South Korea Avoids Recession with 0.6% Q2 Growth Amid Global Economic Challenges
South Korea Avoids Recession with 0.6% Q2 Growth Amid Global Economic Challenges
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BTCCSquare news:
South Korea's economy expanded by 0.6% in the second quarter, narrowly surpassing the 0.5% growth forecast by Reuters-polled economists. The acceleration from Q1's stagnant 0% year-over-year growth to 0.5% underscores resilience against global headwinds, averting a technical recession after two consecutive quarters of contraction.
Bank of Korea had flagged weak momentum due to subdued global demand and geopolitical risks, but Q2's rebound—fueled by exports, consumption, and fiscal support—paints a cautiously optimistic picture. Private consumption ROSE 0.5%, driven by vehicle purchases and recreational spending, while government expenditure surged 1.2% on healthcare benefits.
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