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OECD economic outlook, volume 2003 issue 2 : Korea

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Title OECD economic outlook, volume 2003 issue 2
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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

The economy experienced a sharp downturn in the first half of 2003 following a number of negative shocks. A strengthening of confidence and a pick-up in world trade should lead to a recovery that would lift growth to around 4¾ per cent in 2004 and 5½ per cent in 2005. However, there are risks, including a further appreciation of the exchange rate and some retrenchment by the household sector following a credit boom, which could affect the timing and strength of the recovery. Given the high costs incurred for financial-sector restructuring, the fiscal policy stance should return to neutral in 2004 as the economic recovery begins. Further structural reforms, particularly in the corporate and financial sector and in the labour market, are needed to strengthen confidence and boost Korea’s growth potential...