Key View

• At Fitch Solutions, we believe that spending on online food and grocery delivery services in South Korea will continue to expand, growing by a CAGR of 71.1% between 2017 and 2021.
• While we expect the spending growth on food and grocery delivery services to continue over the medium term, growth levels will likely taper down to a

Key View

• Export demand for South Korean made vehicles will continue to grow and supplement overall growth in the country's vehicle production over 2021 despite the levelling off of local vehicle sales.
• South Korea has been largely spared some of the more severe chip-related operational disruptions given that local producers source

Key View

• We at Fitch Solutions forecast the Bank of Korea to keep its key policy interest rate on hold through 2021 and H122 to support the recovery in domestic demand.
• Supply-side price pressures will see headline inflation average 1.4% y-o-y in 2021, up from an average of 0.5% in 2020.
• However, we expect these pressures to prove temporary

Key View

• We at Fitch Solutions have revised up our outlook for South Korea’s economic growth from 3.0% to 3.8% in 2021, before it eases to 2.8% in 2022.
• Strong external demand will propel exports and private investment over the coming quarters, with policymakers still providing an accommodative backdrop.
• Indeed, economic support measures

Key View

• South Korea's biomedical research and development sector will continue to flourish in line with growing investments by the government.
• Prospects for South Korea’s domestic pharmaceutical industry will remain bright.
• The outlook for South Korea's pharmaceutical exports will continue to be positive.

The South Korean government

Key View

• We at Fitch Solutions have revised down our real GDP growth forecast to 3.0% in 2021, from a prior 3.5%, owing to pandemic-related disruptions in Q121 and a subdued domestic demand outlook.
• Upsides will emerge from an upturn in the global trade cycle, which will drive a rebound in activity, along with a supportive stance from South

Key View

• We expect South Korea's meat consumption to experience sustained growth throughout our forecast period, supported by two key concomitant trends: the premiumisation of South Korea's meat sector and convenience as a priority for consumers.
• The growth in consumption stimulated by these key trends will increase South Korea’s dependence