2.9 SOUTH KOREA

South Korea’s economic growth rate in 2023 was 1.4%. According to forecasts from the Construction Economic Research Institute of Korea (CERIK), orders from South Korean builders were expected to have decreased by 12.9% in 2023 compared with the previous year. The agency predicts that construction industry orders fell by 19.1% year on year in the first half of 2023 and 6.6% in the second half.