New Year's Prospects for the Korean Economy (2023)

Hyeon Ju ()
Additional contact information
Hyeon Ju: Korea Institute for Industrial Economic and Trade, Postal: Sejong National Research Complex, Korea Institute for Industrial Economics and Trade, 370 Sicheong Dae-ro C-dong 8-12F 30147, Republic of Korea, http://www.kiet.re.kr

No 23/1, i-KIET Issues and Analysis from Korea Institute for Industrial Economics and Trade

Abstract: At the outset of 2022, the South Korean economy sought to start anew, aiming to finally surmount the hurdles of COVID-19. Unfortunately, however, the economy is now confronted with an unprecedented level of uncertainty, as one unforeseen risk after another emerged over the course of 2022. These risks include the Russian invasion of Ukraine, the abrupt turn in US monetary policy, China’s only recently-abandoned zero-COVID-19 policy and draconian lockdowns, the intensifying conflict over economic hegemony between the world’s great powers, and the growing financial insecurity of emerging economies. The Korean economy has thus been seeing clear signs of slowdown since late 2022, especially in the manufacturing sector. The extreme difficulties posed by external factors compound the many domestic problems Korea has yet to tackle, and in addressing both the Korean economy is now confronting a distinct new challenge. This analytical brief summarizes the challenges ahead for Korea and the world in 2023.

Keywords: Korea; COVID-19; supply chains; recession; monetary policy; tight money; inflation; interest rates; Russia; Ukraine; war; conflict; global economy; business cycle; exports; manufacturing; employment; semiconductors (search for similar items in EconPapers)
JEL-codes: E22 E23 E31 E32 E43 E51 E52 E58 F51 F52 (search for similar items in EconPapers)
Pages: 6 pages
Date: 2021-01-01
References: Add references at CitEc
Citations:

Downloads: (external link)
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4323319 Full text (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ris:kietia:2023_001

Access Statistics for this paper

More papers in i-KIET Issues and Analysis from Korea Institute for Industrial Economics and Trade Sejong National Research Complex, Korea Institute for Industrial Economics and Trade, 370 Sicheong Dae-ro C-dong 8-12F 30147, Republic of Korea. Contact information at EDIRC.
Bibliographic data for series maintained by Aaron Crossen ().