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On June 23, Goldman Sachs released a report indicating that the surge in AI capital expenditures is demonstrating a stronger and more enduring trend than expected for South Korea's chip cycle. The firm anticipates that the AI-driven super surplus will accelerate by the end of the year, pushing total exports to exceed $1 trillion, with the current account surplus reaching a historic high of approximately 15% of GDP. Goldman Sachs has raised its forecast for South Korea's real GDP growth in 2026 to 2.7% (+10 basis points) and in 2027 to 2.3% (+40 basis points), both above market consensus, primarily due to the stronger and more lasting impacts of AI through capital expenditures, R&D, and wealth effects. Under the latest baseline assumption regarding the reopening of the Strait of Hormuz, the firm has kept its inflation forecasts unchanged at 2.6% and 2.2%, while extending the interest rate hike cycle to 2027 and raising the terminal policy rate forecast from 3% to 3.25%.

Goldman Sachs has raised its forecast for South Korea's real GDP growth to 2.7% in 2026 and to 2.3% in 2027, expecting AI-driven surpluses to push total exports beyond 10 thousand billion USD, with a current account surplus reaching a historic high of about 15% of GDP. Additionally, the terminal policy rate forecast has been increased from 3% to 3.25%.

Oliveira's most recent position was Head of Coffee Operations at Keurig Dr Pepper, the American beverage giant. Before KDP completed its $18 billion acquisition of JDE Peet's, the parent company of Peet's Coffee, he served as CEO of JDE Peet's.