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

International Monetary Fund

No 2003/079, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; headline CPI; core CPI; government; CPI; food; staff appraisal; Core CPI inflation; public funds; IMF staff estimate; Financial sector; Commercial banks; Budget planning and preparation; Corporate sector; Global; East Asia; Asia and Pacific (search for similar items in EconPapers)
Pages: 64
Date: 2003-03-19
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