3.6 SOUTH KOREA

The Bank of Korea (central bank) projected that the economic growth rate for 2022 and 2023 would reach 2.7 and 2.4%, respectively. But due to the negative effects of the external environment, such as the lockdown in China and the conflict in Ukraine, South Korea saw its chiller market size reach US$ 165.3 million in 2022, a decrease of 9.7% compared with US$ 183.0 million in 2021. Driven by the easing of pandemic preventive measures, the economic growth rate is expected to recover and the chiller market to grow going forward.