Recent Economic Developments (July 2024)

Economic Developments
Research Department & Office of Economic Modeling and Policy Analysis(02-759-4202)

 ▣ GDP growth this year will be broadly in line with the May forecast on the back of improving exports, despite the delay in the recovery of domestic demand.

- Domestic demand is expected to gradually improve from the second half of the year, narrowing the difference in the pace of recovery between exports and domestic demand.

 ▣ CPI inflation fell slightly below the previous forecast path as agricultural product prices slowed down notably.

- While inflation will likely maintain its downward trend, uncertainties related to exchange rates and global oil prices remain.

 ▣Current account surplus is forecast to widen thanks to improving exports, but also in part due to the delay in the recovery of domestic demand.

* Please refer to the attached file for detailed information.

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