Republic of Korea: 2009 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Korea
August 20, 2009
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This 2009 Article IV Consultation highlights that like other open economies, Korea was hard hit by the global financial crisis during the last quarter of 2008. The authorities responded with a timely and comprehensive set of financial market and macrostabilization measures. Executive Directors have commended the authorities for their speedy and comprehensive measures, which have successfully stabilized the economy and the financial system. Directors have also supported the sizable and frontloaded fiscal stimulus package and the intention to maintain fiscal stimulus in 2010 given the uncertain outlook.
Subject: Banking, Credit, Economic and financial statistics, External debt, External sector statistics, Fiscal policy, Fiscal stimulus, Government finance statistics, Housing prices, Money, Prices
Keywords: Asia and Pacific, authorities project, authority, bank recapitalization fund, CR, Credit, export recovery, Fiscal stimulus, Global, Government finance statistics, Housing prices, ISCR, July trade data, recovery, staff appraisal
Pages:
52
Volume:
2009
DOI:
Issue:
262
Series:
Country Report No. 2009/262
Stock No:
1KOREA2009001
ISBN:
9781451822250
ISSN:
1934-7685
