S. Korea's 2024 economic growth remains unchanged at 2.2%: KDI report

Moving on to the country's economic growth forecast.
South Korea's economy is expected to expand 2-point-2 percent this year.
That's according to the Korea Development Institute, which hasn't changed the rate from its earlier estimate.
Our economics correspondent Lee Soo-jin takes us beyond the digits.

The Korea Development Institute has maintained its economic outlook estimate for this year at 2-point-2 percent.
In its revised forecast published Wednesday, the South Korean state-run economic think tank kept its outlook unchanged from its November 2023 estimate.
The KDI, which typically releases economic outlook comprehensive reports in May and November, also released two additional revised forecasts in February and August last year to reflect the rapidly changing economic conditions.
November's economic growth estimate for 2024, at 2-point-2 percent, was slightly lower than the 2-point-3 percent forecast in May and August.
The think tank has kept its estimate unchanged in this year's report as exports are expected to continue to see a recovery.
Total exports were estimated to grow 4-point-7 percent, up from the KDI's original forecast as the chip sector shows signs of improvement.
Concerns about external factors are slightly mitigated as the International Monetary Fund last month raised economic outlooks for major economies from its previous estimate released in October last year.
China's economic growth was adjusted upward on the back of government stimulus measures despite the ongoing real estate crisis in the country.
And growth in the U.S. economy is expected to boost South Korea's exports.
The IMF also upgraded its outlook for the world's economy to 3-point-1 percent, pointing to a more resilient growth in the global economy this year.
Domestic demand, however, continues to remain sluggish amid a recovery in exports and improvements in the global economy.
For consumer inflation, the KDI revised downward its forecast slightly to 2-point-5 percent, from 2-point-6 percent.
And private spending, which was also adjusted downwards by 0-point-1 percent, is not expected to show drastic improvement any time soon.

"The current sluggishness in private consumption is attributed to persisting high interest rates, hindering immediate improvement. It's unlikely to expect a boost in private consumption this year as high interest rates are likely to continue."

And risk factors from geopolitical tensions in the Middle East that could lead to rising oil prices and trade disruptions might also weaken South Korea's economic growth.