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Assessment and recommendations - OECD Economic Surveys: Korea 2007

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Title Assessment and recommendations - OECD Economic Surveys: Korea 2007
Similar Titles
Material Type Others
Author(English)

OECD

Publisher

Organization for Economic Cooperation and Development (OECD)

Date 2007
Language English
File Type Link
Subject Economy < General

Abstract

Korea’s economy has expanded at a 4.3% annual rate since 2002, lifting per capita income to two-thirds of the OECD average. Despite a stronger currency, growth has been primarily driven by external demand, thanks in part to the continuing development of Korea’s information and communication technology sector and strong demand from China. In contrast, domestic demand has been relatively sluggish, growing at an annual rate of 2% since 2002, reflecting the collapse of the credit card bubble and a deterioration in the terms of trade. Subdued domestic demand and the appreciation of the currency have kept inflation somewhat below the Bank of Korea’s medium-term target of 2.5% to 3.5% since mid-2005, despite higher oil prices.