The Korea Institute for International Economic Policy (KIEP) held its regular press conference titled "2024 World Economic Outlook" on November 14, 2023, at 10:00 AM in the Briefing Room on the 4th floor of the Government Sejong Complex. The event was attended by journalists from the Ministry of Economy and Finance.

The conference was broadcasted live online through the government portal e-Briefing, providing an opportunity to present the updated global economic growth rate for this year and forecast the growth rate for the global economy in the following year, as well as address current issues related to the world economy through a Q&A session.

During his opening remarks, President Siwook Lee projected a 2.8% growth rate for the world economy, a 0.2% decrease compared to the previous estimate, underlining the keyword "Slowed Growth under the Used-Up Future-Borrowed Capacity." Key factors contributing to this outlook included China's entry into a long-term path of low economic growth, the dual impact of high debt and interest rates, and the aggravation of geopolitical conflicts leading to additional supply shocks.

Chief Economist Sungbae An, who presented the overview of the forecast, explained that many major advanced economies were expected to show a low growth trend due to factors such as high interest rates and debt burdens. For instance, the United States was forecasted to record a low growth rate of 1.5% in the coming year. An optimistic job market contributing to consumer spending, even with the continuation of solid consumption expenditure, was expected to face challenges due to the burden of high-interest rates. The Eurozone and the UK were anticipated to record growth rates of 1.1% and 0.6%, respectively, with insufficient potential to reverse the trend of economic weakness despite a slight increase in private consumption if purchasing power recovered with a gradual decline in prices. Japan, based on improved employment and income conditions and positive corporate performance, was predicted to continue its domestically focused growth, recording a stable economic growth rate of 1.0% in 2024.

Concerning major emerging economies, China was expected to show a growth rate of 4.5%, lower than that of 2023, considering prolonged real estate risks, weakened economic sentiment among economic entities, and expanded external uncertainties. India, with robust economic fundamentals and a stable financial-political environment, was expected to achieve a growth rate close to the mid-term average at 6.2%. Russia, continuing its domestically driven growth, was projected to experience a low growth rate of 1.0% in 2024 due to ongoing ruble sanctions. Brazil was anticipated to record a lower growth rate of 1.4% in 2024 compared to 2023, attributed to persistent high-interest rates and uncertainties in agricultural production.

The press conference was attended by KIEP experts, including President Siwook Lee, Chief Economist Sungbae An, Deputy President Kwon Hyung Lee of the Center for Area Studies, Director Jong Duk Kim of the International Trade Dept., Head Wonho Yeon of the Economic Security Team, Head Jangho Choi of the International Cooperation for Korean Unification Team, Head Ji Young Moon of the Chinese Economy and Trade Team, Head Gu Sang Kang of the Americas Team, Head Young-ook Jang of the Europe Team, Head Minhyeon Jeong of the Russia and Eurasia Team, Head Jeonghwan Yun of the Policy Analysis Team, Senior Research Fellow Young Sik Jeong of the International Finance Team, Senior Research Fellow Gyu-Pan Kim of the Japan and East Asia Team, along with other internal experts and journalists from the Ministry of Economy and Finance.

- Title: Press Conference on the 2024 World Economic Outlook

- Date: November 14, 2023, 10:00-11:30

- Venue: Ministry of Economy and Finance, Government Complex Sejong / E-briefing

- Host: Korea Institute for International Economic Policy (KIEP)