Republic of Korea : Staff Report for the 2002 Article IV Consultation

Author/Editor:

International Monetary Fund

Publication Date:

March 19, 2003

Electronic Access:

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Summary:

This 2002 Article IV Consultation highlights that the economic growth of Korea rose to about 6 percent in 2002 from 3 percent in 2001. Buoyant consumption and residential construction spending underpinned the recovery beginning in late 2001. In 2002, exports rebounded strongly in spite of a weaker-than-expected recovery in the global economy. Unemployment has eased to near pre-crisis levels, although wage rises have been matched by productivity growth. In terms of macroeconomic policies, the fiscal surplus was substantially higher than budgeted, resulting in a contractionary fiscal stance in 2002.

Series:

Country Report No. 03/79

Subject(s):

English

Publication Date:

March 19, 2003

ISBN/ISSN:

9781451822076/1934-7685

Stock No:

1KOREA0012003

Price:

$15.00 (Academic Rate:$15.00)

Format:

Paper

Pages:

64

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