The Value Added of ICT in South Korea has shown fluctuations from 2015 through 2023, standing at 86.001 trillion South Korean Wons in 2023. The period between 2015 and 2019 saw a steady growth, with year-on-year increases ranging from 3.01% to 6.71%. The CAGR during this phase was 4.44%. However, between 2020 and 2023, growth became more volatile. The pandemic influenced a slight decline in 2020 and 2022, while there was a modest recovery in 2023 with a 1.16% increase. The average annual growth rate for the last five years stands at 0.88%.
Future trends suggest a stable yet modest growth, with a forecasted 5-year CAGR of 0.91%. This points towards a cumulative growth rate of 4.64% by 2028. Observing these trends, stakeholders should monitor technological advancements, government policies, and global economic conditions, which could influence the ICT sector's performance in South Korea.
