South Korea's economy shows strong momentum heading into Q1 as industrial production surged 5.4% month-on-month in February, far exceeding the 1.5% consensus forecast. The rebound was broad-based, with semiconductor output rising firmly on robust high-end memory chip production, fully offsetting January's decline. This points toward a firm first quarter recovery across multiple sectors. However, headwinds are building. Supply disruptions and rising costs stemming from Middle East tensions pose significant risks to growth in coming quarters. While near-term data looks encouraging, geopolitical instability and potential energy price pressures could constrain the broader economic outlook moving forward.
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