Republic of Korea: Staff Report for the 2002 Article IV Consultation
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. 2003/079
Subject:
Banking Budget planning and preparation Commercial banks Corporate sector Economic sectors Financial institutions Financial sector Public debt Public financial management (PFM)
English
Publication Date:
March 19, 2003
ISBN/ISSN:
9781451822076/1934-7685
Stock No:
1KOREA0012003
Pages:
64
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