KDI Economic Outlook 2018-2nd Half Fluctuations in the Consumption of Foreigners in Korea and the Implications November 06, 2018
KDI Economic Outlook 2018-2nd Half
Fluctuations in the Consumption of Foreigners in Korea and the Implications
November 06, 2018
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KDIPARK, Jongho
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Kyu-Chul Jung
profile
- Summary
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■ Domestic consumption by foreigners tumbled in 2017, partly amplifying the fluctuations in domestic consumption and having a negative impact on consumption-related sectors e.g. services in Korea.
■ Chinese tourists are behind the current sluggishness of domestic consumption, implying that the Chinese economy has a considerable impact on not only traditional export and import sectors but also the consumption-related industries in Korea.
■ The policy focus should be placed on securing flexible FX rates to reduce fluctuations in domestic consumption in the short-term while strengthening the competitiveness of the service sector in the long-term.
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