Korean economy continues to 'grow at solid pace': finance ministry
The Korean economy continues to "grow at a solid pace," although inflationary pressures stemming from high oil prices could weigh on people's livelihoods, the finance ministry said Friday. The Ministry of Finance and Economy offered the assessment in the November edition of its economic report, known as the Green Book, signaling a more positive view of economic conditions after describing the…
The Korean economy is experiencing a solid growth rate, according to the finance ministry's assessment in the November edition of its economic report. Although inflationary pressures from high oil prices could impact the livelihoods of individuals, the ministry sees a more optimistic outlook for the economy after describing it as a continuous recovery since May.
The South Korean economy has been expanding at a robust pace, driven by a significant rise in exports and accelerating investment growth, with gradual improvements in consumption. However, the ministry warns that uncertainties arising from the ongoing Middle East conflict, along with inflationary pressures from high oil prices and challenging employment conditions for vulnerable groups and sectors, could potentially hinder people's well-being.
In October, Korea's exports surged by 93.7 percent year-on-year, reaching a record $115.3 billion, primarily fueled by a substantial increase in semiconductor shipments. The country also added 139,000 jobs in October, marking a positive employment trend.
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