South Korea's economy expanded at a weaker-than-expected pace of 2.0% in 2024 after lackluster growth in the fourth quarter amid weak consumer and business spending, bolstering the case for the central bank's another rate cut next month.

South Korea's gross domestic product improved a seasonally adjusted 0.1 percent on quarter in the fourth quarter of 2024, the Bank of

On a quarter-on-quarter basis, GDP growth also missed expectations, with the economy growing just 0.1% compared to the 0.2% forecast in the Reuters poll. However, full-year GDP growth for 2024 came in at 2% compared with last year's 1.