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OECD economic outlook-Korea : vol. 2005(issue 2)

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Title OECD economic outlook-Korea
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Sub Title

vol. 2005(issue 2)

Material Type Others
Author(English)

OECD

Publisher

[Paris] : OECD

Date 2006
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < General
Holding OECD
License

Abstract

Private consumption is now recovering from the protracted adjustment following the collapse of the;household credit bubble in 2002 and exports have begun to pick up. These factors are projected to;boost economic growth from 4% in 2005 to around 5% in 2006-07. Underlying inflation is expected;to increase to the mid-point of the central bank’s 2½ to 3½ per cent target zone in the context of;stronger growth and higher energy prices.;Monetary policy should focus on the medium-term inflation target, accompanied by a flexible;exchange rate policy. Concerns about rising housing prices in some parts of the country should be;addressed through tax measures and policies to increase supply. Further reforms are needed to;address the structural causes of weak domestic demand, notably household debt delinquency.