South Korean think tank: Chip boom counters manufacturing weakness, South Korean economy still on track for recovery Odaily Planet Daily News: The official think tank of South Korea stated on Wednesday that the South Korean economy is still on the track of recovery, and the prosperity of the chip industry offsets the overall slowdown in manufacturing. The Korea Development Institute (KDI) stated in its monthly economic assessment report that South Korea's exports continue to expand "strongly" driven by strong demand for artificial intelligence. South Korea's monthly exports exceeded the $100 billion mark for the first time in June, reaching $102.25 billion, a year-on-year increase of 70.9%, setting a new historical high. KDI stated, "Although the growth rate of semiconductor exports has slowed down, the export value remains strong supported by sustained price increases." Driven by the surge in demand for storage chips, semiconductor exports nearly tripled, reaching $44.82 billion, and monthly exports exceeded $40 billion for the first time. However, KDI pointed out that manufacturing output has slightly declined due to the slowdown in the rapid growth momentum of semiconductors in the early stage, while other sectors remain sluggish. KDI added that high oil prices and the weakening of the Korean won against the US dollar may "continue to exert upward pressure on prices, increase the risk of further interest rate hikes, and thus drag down consumer recovery". (Golden Ten)