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OECD economic outlook, volume 2003 issue 1 : Korea

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Title OECD economic outlook, volume 2003 issue 1
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Sub Title

Korea

Material Type Reports
Author(English)

OECD

Publisher

[Paris]:OECD

Date 2003
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < General
Holding OECD

Abstract

Domestic demand decelerated at the end of 2002 in a context of geopolitical uncertainty that may continue well into 2003. Nevertheless, with a recovery in world demand expected in the second half of 2003, output growth may return to around 6 per cent in 2004. The unemployment rate is likely to remain near 3 per cent, while core inflation may rise to the top of the 2.5 to 3.5 per cent target range. A gradual increase in interest rates may be necessary to keep inflation within its target zone, as the pace of growth picks up. Moving ahead with the privatisation of state-owned banks is important to cover part of the cost of financial-sector restructuring, while helping to promote corporate restructuring. Given this cost, as well as future spending pressures, the emphasis on fiscal consolidation has been appropriate.