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SERI Economic Forecasts

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Economic Outlook for 2011

Economic Outlook for 2011

Oct. 5, 2010

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The Korean economy continued to recover strongly in the first half of 2010, growing 7.6% year-on-year. Global economic improvement lifted exports and facilities investment, especially in the IT and the automobile industries, propelling the strong rebound, which was accompanied by further gains in employment, particularly in the manufacturing sector. Still, enough uncertainties persist to prevent an all-clear signal. On the international front, the pace of recovery will very likely slow down due to worries over European sovereign debt risk, a probable tighter monetary policy in China and double-dip recession risk in the US, though chances of the latter are shrinking. Those worries have weakened consumer and business sentiment in Korea just as the effects of its fiscal stimulus to weather the global financial crisis are tapering off. Therefore the faster-than-expected recovery pace in the first half of 2010 is expected to slow down in the second half.

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