The economy grew only two percent last year due to sluggish domestic demand and political turbulence following President Yoon Suk Yeol’s botched martial law move. 

According to data from the Bank of Korea on Thursday, the real gross domestic product expanded two percent in 2024 from a year earlier.

Though the 2024 figure surpassed the one-point-four percent growth seen in 2023, it fell short of the two-point-two percent expansion forecast by the central bank.

The economy managed to grow for five straight quarters, starting from the first quarter of 2023, but contracted zero-point-two percent in the second quarter last year before inching up zero-point-one percent in the third quarter.

The economy grew only one-tenth of a percent in the fourth quarter as well, falling short of the central bank’s prediction of zero-point-four percent.