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Korea - Making the Most of Public Investment in a Tight Fiscal Environment

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  • Korea - Making the Most of Public Investment in a Tight Fiscal Environment
  • OECD
  • Organization for Economic Cooperation and Development (OECD)


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Title Korea - Making the Most of Public Investment in a Tight Fiscal Environment
Similar Titles
Material Type Others
Author(English)

OECD

Publisher

Organization for Economic Cooperation and Development (OECD)

Date 2011
Language English
File Type Link

Abstract

As an export-oriented country with an open capital account, Korea has been severely hit by the global financial crisis. The decline in exports was particularly sharp given Korea’s concentration on medium and high-technology products, which are very cyclically sensitive. Korea’s GDP decreased by 17% (at an annual rate) in the fourth quarter of 2008, more than double the average drop of GDP in OECD member countries (OECD, 2010a: 22). However, it should be mentioned that the Korean economy was already slowing prior to the intensification of the global financial crisis in September 2008, reflecting the US recession that had begun in December 2007, rising oil prices and the impact of tighter monetary policy.