Korean economy faces new enemy: Extreme weather

Extreme weather has shaved 0.1 percent off Korea’s third-quarter GDP growth in the 2020s compared with the 2010s, the Bank of Korea (BOK) said Sunday, warning that climate-related shocks could also weigh on the country's long-term growth potential. It said climate impacts have weighed on third-quarter growth between 2020 and 2025, as the season is typically the most vulnerable to extreme weather. It also noted that rising climate volatility has fueled inflation by driving up prices of agricultural, livestock and fisheries products. "Over the past three years since 2023 (in particular), the repeated occurrence of record-breaking torrential rains and heat waves has likely intensified the negative shocks to the overall economy," the BOK said in its latest report. "Although this year’s summer season has yet to end, current trends suggest that 2024-level extremes are likely to occur again." Sectors reliant on outdoor activity, including construction, agriculture, forestry, fisheries and in-person services, have been among the hardest hit, the report said. In construction, extreme weatherWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times