despite mounting concerns of slowing
growth South Korea’s finance chief expects an economic recovery in the
first half of next year due to the government’s policy efforts as for South
Korea being removed from the US currency watchlist he said it appears unlikely in
the near future our Kim Minji has more finance minister Honam ji says the South
Korean economy will likely rebound in the first half of 2020 speaking to
reporters on the sidelines of a g20 finance ministers and central bank
governors meeting in Washington on Friday Hong said the country’s
expansionary policies will drive growth the South Korean government has proposed
a record budget of about four hundred and twenty-four billion u.s. dollars for
2020 and over 9% increase on-year the nine point three percent hike for next
year’s budget is a reflection of the government’s commitment to take
pre-emptive measures to support growth before any other developed countries his
comments come amid concerns the country’s growth rate could fall below
two percent this year recently the IMF lowered its forecasts
for South Korea to two percent this year down from its earlier forecast of 2.6
percent South Korea needs to postally 0.6 percent growth in the third and
fourth quarters in order to maintain growth in the two percent range
the minister noted the downside risks linger such as the ongoing trade dispute
between Seoul and Tokyo we need to resolve the dispute through talks before
the end of the year in order to reduce uncertainties for local companies in
2020 on other issues the finance minister says it’s unlikely South Korea
will be removed from the US currency watchlist
in the near future Hong said he got the impression it would be difficult this
year citing his meeting with US Treasury Secretary Stephen monition the previous
day in May the u.s. put South Korea on its list of countries and monitors for
currency practices but indicate a Seoul could be removed if it continues to
maintain only one of the three criteria for a currency manipulator before the
next report is released the US report is due to be released in the coming days
Kim Minji Arirang news

Tagged : # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # #

One thought on “S. Korea’s finance chief expects economy to rebound next year”

Leave a Reply

Your email address will not be published. Required fields are marked *