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  • KDI Monthly Economic Trends 2020. 4
  • Date April 16, 2020
  • Language Korean/English
PDF Major Indicators
    Major Economic Indicators

    Summary and Assessment

    Major Indicators of the Korean Economy

    1. Gross Domestic Product
     (at 2015 Constant Prices)

    2. Economic Activity

    3. Consumption

    4. Equipment Investment

    5. Construction Investment

    6-1. Exports, Imports and Terms of Trade

    6-2. Current Account and Financial Account

    7. Employment and Wage

    8. Price Indices

    9-1. Financial Market (I)

    9-2. Financial Market (II)

    10-1. Major Indicators of the World Economy (I)

    10-2. Major Indicators of the World Economy (II)
■ The Korean economy is showing a deepening contraction and mounting uncertainties as COVID-19 spreads.

○ February’s all industry production fell due to the novel coronavirus while the labor market started shrinking mainly in services.

- The service industry exhibited huge losses in production and employment; mainly in sectors related to tourism and travel which highly depend on face-to-face interactions.

- Retail sales dropped mainly in duty-free and department stores due to fewer tourists and social distancing. The composite consumer sentiment index also dropped sharply, pointing to a contraction in consumption.

- Manufacturing production and the capacity utilization rate decreased on disruptions in the supply of automobile parts from China.

- But, the decline in exports eased in March led by automobiles and semiconductors, suggesting that COVID-19 has had a limited negative impact in manufacturing thus far.

○ Given the soaring number of confirmed COVID-19 cases in Europe and the US since March, the impact from the decreasing overseas demand will grow.

- As the possibility of an economic slowdown in major countries looms larger, global financial markets have become increasingly volatile with plunges in stock prices and interest rates.

- Expectations for the future of the economy have deteriorated, leading to continued declines in sentiment indicators related to production and consumption.
 
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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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