Republic of Korea: Staff Report for the 2004 Article IV Consultation

Volume/Issue: Volume 2005 Issue 049

Publication date: February 2005

ISBN: 9781451822182

$20.00

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Topics covered in this book

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Banks and Banking , Exports and Imports , Finance , Economics- Macroeconomics , Money and Monetary Policy , ISCR , CR , service industry output , staff appraisal , report , key interest rate , IMF staff representative , stimulative fiscal policy , recent data , Credit , Loans , Income , Credit bureaus , Global

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Summary

This 2004 Article IV Consultation highlights that from 1999 to 2002, Korea’s economy grew rapidly, by an average of 7¼ percent per year. But starting in 2003, the economy has begun to sputter. Growth suddenly stopped in the first half of the year, leapt ahead in the second half as exports boomed, but then slowed again to an anemic 2¾ percent annualized rate during January–September 2004 as exports decelerated. The authorities have been countering this slowdown by easing macroeconomic policies. The fiscal policy stance has been shifted from neutral to mildly expansionary.