Global IBs raise Korea's growth outlooks on chip boom
Major global investment banks (IBs) have upgraded their forecasts for South Korea's economic growth, citing a strong semiconductor upcycle, a report by the international finance center said Wednesday. According to the report by the Korea Center for International Finance (KCIF), the median growth forecast by major foreign institutions for 2026 was raised to 3.5 percent in September from 3.3…
Major global investment banks have revised their predictions for South Korea's economic growth, attributing the upward adjustments to a robust semiconductor upcycle. As of September 2023, the median growth forecast by these foreign institutions had been increased to 3.5 percent for the year 2026, up from 3.3 percent in August. This shift in expectations has been ongoing since April of this year, with the average forecast rising from 2 percent at the end of last year to 2.8 percent by mid-May.
The revisions reveal confidence in the global semiconductor industry's continued strength and resilience. Among the affected banks, JP Morgan now anticipates a 4 percent growth for the Korean economy this year, an increase of 0.2 percentage points from the previous month. Citi has also revised its growth forecast to 3.8 percent, compared to 3.7 percent earlier.
UBS, too, has upgraded its forecast to 3.5 percent from 2.8 percent, as reported by the Korea Center for International Finance.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Global IBs raise Korea's growth outlooks on chip boom en.yna.co.kr
- Global IBs raise Korea's growth outlooks on chip boom koreatimes.co.kr
