Republic of Korea: 2022 Article IV Consultation-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for the Republic of Korea

March 28, 2022

Preview Citation

Format: Chicago

Republic of Korea: 2022 Article IV Consultation-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for the Republic of Korea, (USA: International Monetary Fund, 2022) accessed December 24, 2024

Summary

Korea has recovered impressively from the COVID-19 pandemic, which is a testament to its strong economic fundamentals and the authorities’ able policy responses. Activity has surpassed pre-covid levels despite multiple COVID waves. The recovery was supported by the effective containment of the pandemic, including rapid vaccination in 2021, and pursuing proactive economic policy support, which helped minimize economic scarring, sustain income growth, and maintain financial stability. Given Korea’s high global integration, strong external demand also supported the recovery. The upcoming presidential election offers a window of opportunity to reinvigorate structural reforms.

Subject: COVID-19, Fiscal policy, Health, Housing, Housing prices, Inflation, International organization, Monetary policy, National accounts, Prices

Keywords: Core inflation, COVID-19, Financial market reform, Global, Housing, Housing prices, Inflation, Inflation expectation, Semiconductor price, Space indicator, Staff statement, Terms of trade shock

Publication Details

Pages:

86
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2022/086
Stock No:

1KOREA2022001
ISBN:

9798400204517
ISSN:

1934-7685

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