Total construction work done is forecast to expand 8.8% in 2024 after falling 0.1% last year. Demand for construction came in lower than expected in late 2023, weighed down by uncertainty around global growth, still heightened interest rates, and weakened business confidence. Construction activity this year will be boosted by falling interest rates, with the Bank of Korea expected to begin rate cuts in Q2 as inflation falls towards the target of 2%. We expect work done to climb an average 1.8% p.a. over the four years to 2028.
