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  • KDI Monthly Economic Trends 2020. 8
  • Date August 10, 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 sluggishness in the Korean economy has eased on the diminishing negative effects of COVID-19.

○ The contraction in domestic demand has moderated as the domestic spread of the virus slows.

- Retail sales surged led by passenger cars, and facilities investment maintained high growth owing to the increased global demand for semiconductors.

- Both industrial and services production posted reduced declines.

- However, the weakened fall in domestic demand appears to be partly due to temporary factors such as the reduced selective excise tax on passenger cars, provision of national emergency relief funds and increased workdays.

○ July’s exports showed a reduced decline influenced by the eased contraction in external demand on resumed economic activities in major countries.

- Exports to China and the US ascended while those to the EU fell less.

○ The positive signs over an economic recovery are growing but external uncertainties remain persistent.

- Internal and external economic sentiments are rebounding reflecting expectations for a recovery as some consumption-related indicators bounce back in major countries.

- However, the growing number of new COVID-19 cases worldwide and intensifying disputes between the US and China could pose a constraint to a global economic recovery.
 
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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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