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 previously…
The Korean economy maintained a solid growth rate in November, according to the Ministry of Finance and Economy. In its latest economic report, known as the Green Book, the ministry expressed a more optimistic outlook on economic conditions compared to previous assessments. Previously, the ministry had described the economy as continuing to recover, but this term was dropped in April due to increased downside risks caused by the Middle East war. However, by May, the ministry resumed using the term recovery.
The recent economic growth is attributed to a significant increase in exports and an accelerating growth in investments, with consumption improving gradually. Despite these positive indicators, the ministry noted that uncertainties arising from the Middle East war could lead to inflationary pressures that may impact people's livelihoods.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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