S. Korea's economy grows 2% y/y in 2024 amid political turmoil

South Korea's economic growth in 2024 showed only modest growth.

That's according to data from the Bank of Korea released on Thursday which showed that the country's GDP grew 2 percent on-year in 2024, lower than the central bank's November forecast of 2-point-2 percent.

This comes as Korea's economy in the fourth quarter expanded only point-1 percent on-quarter, which the central bank attributed to weaker consumer sentiment and a more sluggish construction sector due to the brief imposition of martial law on December 3rd.