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

March 19, 2003

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Republic of Korea: Staff Report for the 2002 Article IV Consultation, (USA: International Monetary Fund, 2003) accessed November 21, 2024

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.

Subject: Banking, Budget planning and preparation, Commercial banks, Corporate sector, Economic sectors, Financial institutions, Financial sector, Public debt, Public financial management (PFM)

Keywords: Asia and Pacific, Budget planning and preparation, Commercial banks, Core CPI, Core CPI inflation, Corporate sector, CPI, CR, East Asia, Financial sector, Food, Global, Government, Headline CPI, IMF staff estimate, ISCR, Public funds, Staff appraisal

Publication Details

Pages:

64
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2003/079
Stock No:

1KOREA0012003
ISBN:

9781451822076
ISSN:

1934-7685

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