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Global Banks Lift South Korea Growth Outlook to 3.5% on Chip Boom
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News18•07-10-2026, 14:15
Global Banks Lift South Korea Growth Outlook to 3.5% on Chip Boom
- •Major global investment banks revised up South Korea economic growth forecasts for this and next year, driven by a surge in semiconductor exports.
- •Eight global banks projected an average growth of 3.5 per cent for this year at the end of September, up from 3.3 per cent a month earlier.
- •JPMorgan raised its estimate to 4 per cent, UBS lifted its forecast to 3.5 per cent, Bank of America increased to 3.6 per cent, and Citi raised to 3.8 per cent.
- •Exports reached a monthly record of USD 120.94 billion in September, with semiconductor shipments topping USD 60 billion for the first time.
- •Other international institutions including the Asian Development Bank and the OECD have also significantly raised their forecasts for South Korea.
Key Questions Answered
Eight major global investment banks projected an average economic growth of 3.5 per cent for South Korea this year, up from 3.3 per cent a month earlier. Additionally, six of these banks upgraded their forecasts for 2027, raising the average to 2.8 per cent.
Exports reached a monthly record of USD 120.94 billion in September, reflecting an 83.5 per cent increase from the previous year. Meanwhile, semiconductor shipments surpassed USD 60 billion for the first time, accounting for roughly half of the total amount.
JPMorgan raised its economic growth estimate for South Korea to 4 per cent from 3.8 per cent, which is the highest projection among the eight major global investment banks tracked.
