Enter 2021-03-19 11:30 | Revision 2021-03-19 11:41
▲ Citizens visiting department stores and restaurants.ⓒ Yonhap News
It draws attention to the expression’sustainable uncertainty’, which the government used for eight months while diagnosing the Korean economy. While exports played a supporting role in the economy, they pointed out sluggish domestic demand and reduced employment, but the consumption indicators, which had shrunk again due to the third corona 19 (Wuhan pneumonia) epidemic from China, have improved, showing expectations for an economic recovery.
The Ministry of Strategy and Finance said in the’Recent Economic Trends (Green Book March Issue)’ released on the 19th, “Recently, the Korean economy is in a situation where domestic demand continues to be sluggish due to the spread of Corona 19.” It was reduced,” he diagnosed.
In nine months of last year, the expression’real economy uncertainty’, which was mentioned for eight consecutive months from July, when the downtrend of exports and production appeared after leaving room for an economic rebound, saying, “The downside risk of the real economy is somewhat mitigated.” Subtracted. In the previous February issue of the Green Book, the Ministry of Science and Technology affirmed that expectations for economic recovery are spreading due to the expansion of the world’s corona19 vaccine vaccination and the promotion of large-scale economic stimulus measures in major countries. Unlike in July of last year, the government’s expectations for an economic improvement for two consecutive months are read.
The day before, the ASEAN+3 Macroeconomic Research Organization (AMRO) projected Korea’s economic growth rate to be 3.2% this year. It is lower than the Organization for Economic Cooperation and Development (OECD) forecast (3.3%) and higher than the International Monetary Fund (IMF) forecast (3.1%). It is noteworthy whether the momentum of the economic rebound can continue as international organizations successively come up with the 3% forecast for Korea’s economic growth this year.
The Ministry of Science and Technology analyzed that “externally, expectations for a global economic recovery have increased due to the corona 19 vaccine and large-scale economic stimulus measures in major countries,” and “the volatility of the financial market has partially expanded due to inflation concerns.” Regarding the domestic financial market, “the exchange rate rose amid high volatility in stock prices due to the rise in long-term interest rates in major countries.” Evaluated.
▲ Recruitment board.ⓒ Yonhap News
Consumption, which had been holding back the economic recovery until delivery, is also stretching. Last month, the amount of domestic card approval increased 8.6% compared to the same period last year. It declined for two consecutive months in December last year (-3.9%) and January this year (-2.0%), and then rebounded after three months.
Department store sales also surged 39.5%. It has risen to the greatest extent since 2005, when the Ministry of Information and Communication began monitoring with the publication of the Green Book. The decline slowed in December last year (-14.1%) and January this year (-6.7%), and then turned to a positive (+). Last month, sales of discount stores also increased by 24.2% from a year ago. It recorded the largest increase since February 2015 (34.8%). It is an analysis that the Lunar New Year holiday was also part of the base effect of last year’s Corona 19 impact.
Online sales also increased by 9.5% due to the aftermath of’Zipcock’ life caused by the spread of Corona 19. However, the increase was less than in January (18.1%).
Domestic sales of domestic passenger cars increased by 28.4%. It continued to increase following January (20.9%). The consumer sentiment index (CSI) also rose to 97.4 from January (95.4). The number of Yuke (Chinese tourists) who visited Korea fell 89.4% from a year ago.
Consumer prices in February rose 1.1% from last year. It showed the highest rate of increase in one year since February of last year (1.1%). This is because the prices of agricultural, livestock, and fishery products have risen the most in 10 years due to poor harvesting and the like.
Exports, which play a role in supporting the Korean economy, continued to increase last month. It increased by 9.5% from the same period last year, mainly for semiconductors, displays, and home appliances. The average daily export value, taking into account the number of working days, was also $2.3 billion, an increase of 26.4% from a year ago.
However, the employment index was dark. The number of employed in February decreased by 473,000 from a year ago. It fell for 12 consecutive months since March of last year. The decline was cut by half from January when it was close to 1 million. However, the employment shock continues, with 1.35 million unemployed and prolonged employment shocks could be subject to massive reductions, so the number of’temporary leave’ classified as potential unemployed was counted as 698,000.
