Forecast: Output of Financial Services in South Korea

The output of financial services in South Korea reached 189.47 trillion won in 2023, representing a 1.15% increase from the previous year. Over the past 5 years, the sector experienced an average annual growth of 1.07% CAGR. The reported values show periodic fluctuations, including notable declines in 2020, followed by consistent recovery from 2021. The forecast for 2028 anticipates continued growth at a 5-year CAGR of 0.92%, reaching 200.19 trillion won. Analysts should consider:

• Economic impacts and regulatory changes post-2024.
• Technological advancements like fintech affecting the sector.
• Global economic factors such as interest rates and inflation.
• Shifts in consumer behaviors and preferences.