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Prelude to the Best Sommelier of Canada Contest | SaltWireSEOUL - South Korea's economic growth is expected to have weakened in the third quarter, as high borrowing costs weighed on consumer spending and exports recovered at a slow pace, a Reuters survey showed, pointing to a challenging last few months of 2023.
South Korea's exports are slowly turning a corner, with the mildest fall in shipments seen last month in a yearlong downturn. Overall, however, the fragile global outlook remains a drag on offshore demand and on Asia's fourth-largest economy whose 2023 growth is set to be its slowest in three years. South Korea's key policy rate is currently at a near 15-year high of 3.5%, with the central bank last week standing pat for the sixth meeting. However, policymakers retained a tightening bias and warned of inflationary risks from the Israel-Hamas conflict and global oil prices.
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