🇰🇷 Seoul Cites Chip-Led Growth

South Korean Finance Minister Lee Hyoung-il said in Bangkok that the country’s growth momentum is set to strengthen as a semiconductor supercycle lifts exports and facility investment, during meetings with Moody’s, Fitch and S&P on the sidelines of the IMF-World Bank annual meetings, the finance ministry said. Lee told the agencies South Korea is projected to grow in the 3 percent range this year.

Lee said the government plans to build future growth engines through three megaprojects and the green transition, while also addressing disparities in housing, jobs and financial services. The rating agencies focused on how Seoul will use strong tax revenues from the chip boom; Lee outlined the Future Fund due to launch next year, while the agencies maintained that South Korea’s economic indicators and public finances remain stable.

Separately, Lee met multilateral development banks including the EBRD and CABEI and signed MOUs to expand exchanges in AI.

#SouthKorea

@asianomics