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  • KDI Economic Outlook 2020-1st Update
  • Date September 08, 2020
  • Language Korean
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■ The Korean economy is projected to grow –1.1% in 2020 due to the huge losses in private consumption and exports followed by a limited recovery of 3.5% in 2021.

- Influenced by low demand pressure on a shrinking economy and plunging oil prices, headline inflation will stand low at 0.5% in 2020, and rise to 0.7% in 2021 due to a partial upswing in both factors.

- The total number of employed is expected to lose 150,000 in 2020 as the labor market contracts mainly in the services industry, which is heavily dependent on face-to-face interaction, and then gain 150,000 in 2021 as economic activity makes a rebound.
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Office of Global Economy
Providing Economic Forecast and Macroeconomic Policy Direction, the Groundwork for a Brighter Future

The Department of Macroeconomics is conducting researches on the macro economy and macroeconomic policy, particularly focusing on suggesting the analysis of macroeconomic trends and current status of the economy at home and abroad, the economic forecast, and the policy direction of the macro economy. The Department is also in charge of establishing, sustaining and maintaining various econometric models, based on which it analyses policy effects and develops a long-term economic forecast.

Main Tasks
  • Economic trend analysis, short- and long-term forecast
  • Policy study on macroeconomic management
  • Basic structural analysis on macroeconomic areas
  • Maintenance of multi-sectoral dynamic macroeconomic model
Department of Macroeconomic Policy
  • LEE. Tae Suk

    Director, Division of Analysis and Evaluation

    82-044-550-4725
  • CHO, Byungkoo On leave

    Director and Vice President, Department of North Korean Economy

    82-044-550-4725
  • LEE, Jongkyu

    Fellow

    82-044-550-4725
  • WEE, Hyeseung Dispatched

    Research Associate

    82-044-550-4725
  • NAM, Jinwook On leave

    Specialist

    82-044-550-4725
  • KIM, Seulki

    Research Associate

    82-044-550-4725
  • CHUN, Eunkyung

    Research Associate

    82-044-550-4725
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