KGCCI Economic Outlook 2025: Exploring Opportunities Amid Global Challenges
(Seoul, January 24, 2025) The Korean-German Chamber of Commerce and Industry (KGCCI) held the KGCCI Economic Outlook 2025 on January 23 at Four Seasons Hotel Seoul. The event brought together over 80 business leaders, governmental officials, and industry experts to examine the future of Korean-German economic collaboration in an evolving global landscape.
The event featured distinguished speakers including Joern Beissert, Deputy Ambassador of German Embassy in Korea; Dr. Jiho Lee, Director General of the Research Department at the Bank of Korea (BOK), and Katharina Viklenko, Director and Correspondent Korea of Germany Trade & Invest (GTAI), who provided exclusive insights into key economic trends, bilateral relations, and strategies for navigating the uncertainties ahead.
Hyun-Nam Park, Chairperson of KGCCI, opened the event with a welcome address, emphasizing the enduring partnership between South Korea and Germany. She stated, “Amid global challenges and domestic uncertainties, the partnership between South Korea and Germany remains a testament to resilience and collaboration. KGCCI remains dedicated to empowering Korean-German businesses to overcome challenges and capitalize on growth opportunities.”
Joern Beissert, Deputy Ambassador of German Embassy in Korea, discussed the robust economic relationship between the two nations. He highlighted, “Germany and Korea share the common interest of strengthening our collaboration on innovative technologies and green transition. As like-minded states, we are strongly committed to multilateralism, global trade, and rule of law. In challenging times, we need to stand together, support each other and co-operate even more closely.”
Dr. Jiho Lee, Director General of the Research Department at BOK, delivered the keynote presentation titled “Korean Economic Outlook and Key Issues.” He stated, “In 2025, the Korean economy will face stronger downward pressure on growth due to heightened domestic political uncertainty amid deteriorating external conditions, such as the strengthening protectionism of the new U.S. administration. As a result, this year’s GDP growth is expected to be in the 1.6~1.7% range, falling short of the November forecast (1.9%) last year.” He further explained, “Exports, which have been a strong driving force behind Korea’s economic growth, may face constraints due to structural changes, such as inauguration of the new U.S. administration and intensified competition with major economies.” Dr. Lee emphasized, “Germany, like Korea, has been struggling with structural issues such as high reliance on manufacturing and exports. Therefore, in order to overcome challenging external conditions, sharing experiences and strategic policy measures between the two countries would be essential.”
Meanwhile, Katharina Viklenko, Director and Correspondent Korea at GTAI, provided an overview of Korea’s economic outlook and its major industries, predicting GDP growth below 2% for 2025. She noted, “Slower export growth, weak consumer sentiment, the ongoing political crisis, and several external factors, such as US policy under President Trump and growing Chinese competition, are weighing heavily on Korea. However, semiconductors and shipbuilding offer positive impulses in 2025.”
The event concluded with a panel discussion moderated by Felix Kalkowsky, Vice President of KGCCI. Panelists included Christoph Hamann, General Manager of Merck Biopharma Korea; Antonio Randazzo, CEO of Daimler Trucks Korea; Tomas Lekic, General Manager of Festo Korea; Dr. Jiho Lee; and Katharina Viklenko. The discussions delved into the perspectives of their respective industry sectors, underscoring collaboration and innovation in strengthening Korean-German business ties.