New Year Wishes for the Korean Economy
|Author||Kim, Dohoon||Date||2015.01.01||Issue No||604|
The year 2015, or the Year of the Sheep has now just begun. I would like to express my warm wishes to all of you for your attention and unwavering support of [e-KIET Issues and Analysis]. In 2014, the Korean economy witnessed moderate recovery as its growth rate improved from the previous year. However, the Sewol ferry tragedy and the sluggish recovery of the global economy seem to have been the main causes of extremely modest growth, with domestic demand and exports failing to meet the expectations of early 2014
In 2015, the global economy is expected to maintain its pace of moderate recovery, and the Korean economy is also prospected to recover further from the previous year, because of the oil price decline and the government’s economic stimulus package. Considering the recent external conditions or related variables, however, it is highly likely that 2015 will still be a tough year for the Korean economy.
While new external variables like such as the US exit strategy and decline in oil prices are expected to raise uncertainties, the fast catch-up of Chinese industries and the even lower yen have given rise to concerns over the competitiveness and development prospects of Korean industry. KIET, in acknowledgement of this, is planning to conduct studies regarding the competitiveness of major Korean industries and recommendations for development direction in 2015.
I would like to wish you the best and success in your endeavors in the new year, as well as your constant interest and support of KIET.
January 1st, 2015
Korea Institute for Industrial Economics and Trade
Kim Dohoon, President.