World Economy

South Korea Says Economy Recovering

South Korea Says Economy RecoveringSouth Korea Says Economy Recovering

South Korea government has maintained its assessment for the tenth consecutive month that the nation’s economy is on a recovery track, despite some criticism that the economy is slowing down, KBS reported. In a report on the latest economic trends released on Friday, the finance ministry assessed that the nation’s economy is seeing continuous recovery centered around exports and consumption. The report said that exports surged 8.7% on-year in August to some $51 billion and the cumulative volume during the first eight months of the year rose 6.7% from the same period last year to an all time high of $399.8 billion. However, the report also cited that uncertainties are further expanding, saying employment-related indices are showing their worst performance since the 1997 Asian financial crisis and investment toward equipment and construction are both on a continuous decline. The report said the worsening trade dispute between the US and China as well as emerging economies’ market jitters, a rise in global oil prices and the US’ additional interest rate hike are all raising external risks.


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