Since 2011, KIEP and the IMF have jointly organized annual conferences to share their respective outlooks on the global economy. This year, researchers from both organizations gathered with leading Korean scholars to discuss the prospects for the global and Asian economy in 2025, as well as medium- and long-term growth strategies for the Asia-Pacific region.

In his opening remarks, President Siwook Lee of KIEP emphasized that the intensifying trend of protectionism, reaffirmed by the outcome of the U.S. presidential election, characterizes 2024 as a “year of global elections.” He noted that the world is closely watching the actions of President-elect Trump, the formation of his new cabinet, and future policy directions.

Session 1 focused on “World and Asian Economic Outlook for 2025,” with presentations by Dr. Sang-Ha Yoon, Head of the International Macroeconomics Team at KIEP, and Dr. Johannes Wiegand, Chief Economist of the Asia and Pacific Department at IMF.

Dr. Yoon projected global economic growth to reach 3.0% in 2025, highlighting the continued relative growth advantage of the U.S. while growth trends diverge across major economies. Dr. Wiegand forecasted that the Asian region would grow by 4.4% in 2025, with South Korea achieving a growth rate of 2.2%.

Session 2 was dedicated to the theme of “Drivers of the Medium and Long-Term Growth of the Asia-Pacific Region.”

Dr. Alasdair Scott, Chief Economist of the Asia and Pacific Department at IMF, observed that without productivity improvements, population pressures are likely to dampen growth momentum in the Asia-Pacific region by 2025. 

Professor Jong-Suk Han from Dongguk University predicted that South Korea’s sharply declining birth rate and population decrease could lower the nation’s economic growth rate from 1.6% in 2030 to 0.42% by 2070.

Following the session presentations, Vice President Sungbae An of KIEP, Dr. Sunyoung Jung, Senior Economist of the Bank of Korea, Professor Sangmin Aum of Kyung Hee University, and Dr. Johannes Wiegand led subsequent discussions further expanding on these issues.

- Title: The 14th KIEP-IMF Joint Conference

- Topic: 2025 World Economic Outlook for 2025

- Date & Time: Monday, December 9th, 2024, 14:00–17:00

- Venue: Mozart Hall, Hotel President, Seoul

- Hosts: Korea Institute for International Economic Policy (KIEP), International Monetary Fund (IMF)

- Contact: Jiyoon Lee, Researcher, International Macroeconomics Team (ljy08@kiep.go.kr)