IMF Staff Country Reports

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

Publication Date:

March 19, 2003

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

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)