Republic of Korea: 2015 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for the Republic of Korea:
KEY ISSUES Outlook and risks. The outlook remains challenging from both a cyclical and structural standpoint. The hoped-for output recovery has not materialized-domestic demand remains sluggish and inflation low and external uncertainties have increased. More fundamentally, relatively weak non-manuf...
Saved in:
| Corporate Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Washington, D.C
International Monetary Fund
2015
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| Series: | IMF Staff Country Reports: Country Report No. 15 / 130
|
| Online Access: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 URL des Erstveröffentlichers |
| Summary: | KEY ISSUES Outlook and risks. The outlook remains challenging from both a cyclical and structural standpoint. The hoped-for output recovery has not materialized-domestic demand remains sluggish and inflation low and external uncertainties have increased. More fundamentally, relatively weak non-manufacturing productivity has been accompanied by a heavy, and likely unsustainable, reliance on manufacturing exports for growth while also leaving the economy more exposed to external shocks, and the demographic headwinds from a rapidly aging population are beginning to build. Policy assessment. Building on the authorities' recent monetary, fiscal, and other policy measures to stimulate demand, efforts should remain focused on shoring up economic momentum where the currently weak outlook could have a lasting impact on Korea's growth well beyond the near term. Given asymmetric costs of the downside risk of low growth and inflation becoming entrenched the authorities should take additional pre- emptive stimulatory monetary and fiscal policy actions if clear signs of a recovery do not emerge soon. At the same time sustaining longer-term growth and reducing external imbalances call for structural reforms to address low service sector productivity, support a more dynamic corporate and SME sector, and remove barriers that lead to underutilized labor. Maintaining a flexible exchange rate is essential both as a buffer against external shocks and to facilitate adjustment toward domestic sources of growth and thereby reduce external imbalances |
| Physical Description: | 1 Online-Ressource (63 p) |
| ISBN: | 1513555677 9781513555676 |
Staff View
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| 520 | 3 | |a KEY ISSUES Outlook and risks. The outlook remains challenging from both a cyclical and structural standpoint. The hoped-for output recovery has not materialized-domestic demand remains sluggish and inflation low and external uncertainties have increased. More fundamentally, relatively weak non-manufacturing productivity has been accompanied by a heavy, and likely unsustainable, reliance on manufacturing exports for growth while also leaving the economy more exposed to external shocks, and the demographic headwinds from a rapidly aging population are beginning to build. Policy assessment. Building on the authorities' recent monetary, fiscal, and other policy measures to stimulate demand, efforts should remain focused on shoring up economic momentum where the currently weak outlook could have a lasting impact on Korea's growth well beyond the near term. Given asymmetric costs of the downside risk of low growth and inflation becoming entrenched the authorities should take additional pre- emptive stimulatory monetary and fiscal policy actions if clear signs of a recovery do not emerge soon. At the same time sustaining longer-term growth and reducing external imbalances call for structural reforms to address low service sector productivity, support a more dynamic corporate and SME sector, and remove barriers that lead to underutilized labor. Maintaining a flexible exchange rate is essential both as a buffer against external shocks and to facilitate adjustment toward domestic sources of growth and thereby reduce external imbalances | |
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| index_date | 2024-07-03T20:13:37Z |
| indexdate | 2024-07-10T09:35:47Z |
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| physical | 1 Online-Ressource (63 p) |
| psigel | ZDB-1-IMF |
| publishDate | 2015 |
| publishDateSearch | 2015 |
| publishDateSort | 2015 |
| publisher | International Monetary Fund |
| record_format | marc |
| series2 | IMF Staff Country Reports: Country Report No. 15 / 130 |
| spelling | International Monetary Fund. Asia and Pacific Dept Verfasser aut Republic of Korea: 2015 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for the Republic of Korea International Monetary Fund. Asia and Pacific Dept Washington, D.C International Monetary Fund 2015 1 Online-Ressource (63 p) txt rdacontent c rdamedia cr rdacarrier IMF Staff Country Reports: Country Report No. 15 / 130 KEY ISSUES Outlook and risks. The outlook remains challenging from both a cyclical and structural standpoint. The hoped-for output recovery has not materialized-domestic demand remains sluggish and inflation low and external uncertainties have increased. More fundamentally, relatively weak non-manufacturing productivity has been accompanied by a heavy, and likely unsustainable, reliance on manufacturing exports for growth while also leaving the economy more exposed to external shocks, and the demographic headwinds from a rapidly aging population are beginning to build. Policy assessment. Building on the authorities' recent monetary, fiscal, and other policy measures to stimulate demand, efforts should remain focused on shoring up economic momentum where the currently weak outlook could have a lasting impact on Korea's growth well beyond the near term. Given asymmetric costs of the downside risk of low growth and inflation becoming entrenched the authorities should take additional pre- emptive stimulatory monetary and fiscal policy actions if clear signs of a recovery do not emerge soon. At the same time sustaining longer-term growth and reducing external imbalances call for structural reforms to address low service sector productivity, support a more dynamic corporate and SME sector, and remove barriers that lead to underutilized labor. Maintaining a flexible exchange rate is essential both as a buffer against external shocks and to facilitate adjustment toward domestic sources of growth and thereby reduce external imbalances Online-Ausg International Monetary Fund. Asia and Pacific Dept Sonstige oth http://www.elibrary.imf.org/view/IMF002/22563-9781513555676/22563-9781513555676/22563-9781513555676.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Republic of Korea: 2015 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for the Republic of Korea |
| title | Republic of Korea: 2015 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for the Republic of Korea |
| title_auth | Republic of Korea: 2015 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for the Republic of Korea |
| title_exact_search | Republic of Korea: 2015 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for the Republic of Korea |
| title_exact_search_txtP | Republic of Korea: 2015 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for the Republic of Korea |
| title_full | Republic of Korea: 2015 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for the Republic of Korea International Monetary Fund. Asia and Pacific Dept |
| title_fullStr | Republic of Korea: 2015 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for the Republic of Korea International Monetary Fund. Asia and Pacific Dept |
| title_full_unstemmed | Republic of Korea: 2015 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for the Republic of Korea International Monetary Fund. Asia and Pacific Dept |
| title_short | Republic of Korea: 2015 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for the Republic of Korea |
| title_sort | republic of korea 2015 article iv consultation staff report press release and statement by the executive director for the republic of korea |
| url | http://www.elibrary.imf.org/view/IMF002/22563-9781513555676/22563-9781513555676/22563-9781513555676.xml |
| work_keys_str_mv | AT internationalmonetaryfundasiaandpacificdept republicofkorea2015articleivconsultationstaffreportpressreleaseandstatementbytheexecutivedirectorfortherepublicofkorea |