Based on the provided data, the ICT output in South Korea stood at 156.68 trillion South Korean Wons in 2023. From 2015 to 2019, the ICT sector showed consistent growth with notably higher percentages in the years 2016 and 2017. However, in 2020, the sector faced a significant drop due to external factors, followed by a strong recovery in 2021. The subsequent years experienced minor fluctuations with a CAGR of 0.8% from 2019 to 2023.
Looking forward, the forecasted data suggests a modest average annual growth rate (CAGR) of 0.75% from 2024 to 2028, indicating steadiness with a total growth rate of 3.78% over the five-year period. Signs of a slowly recovering growth are anticipated based on the forecast.
Future Trends to Watch For:
- Technological advancements and digital transformation initiatives in South Korea.
- Impact of global economic conditions on the ICT sector.
- Government policies and investments in ICT infrastructure.
- Emerging technologies such as AI, 5G, and IoT and their influence on ICT output.
