This report does not constitute a rating action. Overview Institutional and economic profile Flexibility and performance profile Korea’s economy is benefiting from the AI and semiconductor super-cycle, driving rapid nominal GDP growth. Korea will likely achieve higher current account surpluses over the next three years on a surge in electronics exports. --Korea's well-diversified, prosperous, and fast-growing economy support the'AA'long-term sovereign ratings. --Korea's credible monetary policy regime is a credit strength. An actively traded Korean won and the economy's very strong external balance sheet also support the ratings. --We estimate GDP per capita of US$42,300 in 2026. In 2026-2029, we project real GDP per capita to grow by 2.8% annually. --Contingent liabilities associated with North Korea and the debt
