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Gov't highlights 'downside risks' to S. Korea's economy for fourth straight month

Arirang News
729K subscribers
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256 views 2 days ago #SouthKorea #Economy #Government
정부, 넉 달째 "경기 하방 압력 증가" 진단… '수출 증가 둔화' 우려도 추가 Meanwhile uncertainty over domestic politics and uncertainty over U.S. tariffs continue to weigh heavily on the Korean economy. Our correspondent Lee Soo-jin covers the Finance Ministry's latest economic assessment. South Korea's economy is facing growing pressure as domestic demand remains weak and global uncertainties worsen. That's according to the latest economic green book a monthly economic assessment report released by the Finance Ministry on Friday. This also marks the fourth consecutive month that the government stated that the economy faces "growing downside pressure" in its report,.. after first including the phrase in its December green book after the martial law declaration. "We began using the term "economic downward pressure" as uncertainties grew, which can be categorized into two types currently. The first is domestic uncertainty, leading to a decline in consumer sentiment. The s …...more
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Gov't highlights 'downside risks' to S. Korea's economy for fourth straight month
6Likes
256Views
Mar 142025
정부, 넉 달째 "경기 하방 압력 증가" 진단… '수출 증가 둔화' 우려도 추가 Meanwhile uncertainty over domestic politics and uncertainty over U.S. tariffs continue to weigh heavily on the Korean economy. Our correspondent Lee Soo-jin covers the Finance Ministry's latest economic assessment. South Korea's economy is facing growing pressure as domestic demand remains weak and global uncertainties worsen. That's according to the latest economic green book a monthly economic assessment report released by the Finance Ministry on Friday. This also marks the fourth consecutive month that the government stated that the economy faces "growing downside pressure" in its report,.. after first including the phrase in its December green book after the martial law declaration. "We began using the term "economic downward pressure" as uncertainties grew, which can be categorized into two types currently. The first is domestic uncertainty, leading to a decline in consumer sentiment. The second is trade uncertainty from Trump’s policies." While the overall assessment was largely reminiscent of last month's, this month's report also highlighted that the growth in exports is slowing. The daily exports average came to 2-point-4 billion U.S. dollars in February, a nearly 6-percent drop compared to the previous year. " Because of the tariffs that are put down by the Trump administration as well as domestic political problems sparked by the Trump administration we're seeing growth in the US slowing down and that is affecting the global economy as well as Korean exports as well." Recovery in domestic demand also remains sluggish as consumption and investment slow. Retail sales, a key measure of consumer spending, in January, fell point-6 percent compared to the previous month as sales of both semi-durable goods and non-durable goods declined. As for retail sales in February, drops in sales at department stores and large supermarkets are expected to have a negative impact, while the rise in credit card transactions and increased auto sales are projected to act as positive factors. Investment also showed a sharp decline, as facility investment in January plunged more than14 percent on-month, marking the biggest drop since October 2020, due to decreases in investments in machinery such as semiconductor manufacturing and transport equipment. To address ongoing concerns, the government plans to further strengthen support for local businesses affected by U.S. tariffs, and to mitigate trade uncertainties through measures that include establishing a dedicated financial support fund. Lee Soo-jin, Arirang News. #SouthKorea #Economy #Government #Downside_risk #Trade #Export #대한민국 #정부 #경제 #경기 #하방 #수출 #Arirang_News #아리랑뉴스 📣 Facebook :   / arirangtvnews   📣 Twitter :   / arirangtvnews   📣 Homepage : https://v2.arirang.com/ 2025-03-14, 17:00 (KST)

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Arirang News

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