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SERI Economic Outlook: Second Quarter Results for 2011

SERI Economic Outlook: Second Quarter Results for 2011

Apr. 21, 2011

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In 2010 the Korean economy continued its strong recovery from the shocks of the global financial crisis with real GDP growing by 6.2% year-on-year. And, the pace of economic growth will likely continue this year.

Exports have withstood adverse external factors such as political crises in North Africa and the Middle East and the devastating earthquake in northeast Japan to remain strong, and employment conditions have been improving gradually. Financial markets also have been sturdy. Thanks to steady foreign investment inflows, financial market indicators such as stock prices and foreign exchange rates remain stable.

Nevertheless, uncertainties continue to loom over the future of the Korean economy. The political unrest in North Africa and the Middle East is keeping oil prices sharply higher and damage from the Japan earthquake will disrupt the global supply chain for months. On the domestic front, rising consumer prices and the unfavorable external developments will suppress consumer and business sentiment. Default risks in real estate project financing (PF) are also intensifying amid the nation's housing market slump.

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