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"규제" … 투자 • 부진 판단
Red flags in the economy of South Korea, according to a report released Friday by the Ministry of Finance.
In addition, for the first time …, the ministry said that Japan's new export restrictions were one of the main reasons for which it expects low growth.
Our Kim Da-mi has more.
The latest economic data show that … South Korea's domestic consumption is gradually improving … but its exports and investments remain sluggish.
That's what the Ministry of Finance Green Paper report says for July.
For the fourth consecutive month, he described the economy as stagnant, due to Japan's new export restrictions and global uncertainties such as the US-China trade war.
This is the first time the government has highlighted Japan's latest export restrictions as a threat to its economy.
The ministry also said that the external conditions "worsened", using firmer language to describe the headwinds the local economy is facing, … compared to its previous report.
Until last month, the ministry had declared that there were "growing uncertainties" with regard to external conditions.
In June, exports fell by more than 13%, mainly due to falling chip prices and the slowdown in the Chinese economy.
In fact, shipments to the country … have declined for seven consecutive months since last December.
Industrial production was one of the few positive points in the country's overall economic situation, showing gradual improvement until April.
In May, however, it fell 0.5% from the previous month due to a collapse in the mining and manufacturing sector.
Consumer prices rose by one point seven per cent in June compared with the previous year, which is well below the two per cent target set by the government, weighing on a drop in prices of petroleum products.
With all these red flags in the economy, … the Ministry of Finance once again urged the National Assembly to pbad the government's amended finance bill as soon as possible.
In addition to this, the ministry also promised to take action to boost investment and consumption in the second half of 2019.
Kim Da-mi, Arirang News.
#External Terms # Aggravation # Exports #Investment # FundingMinistry
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