Shipment of export cargo to Busan Port. yunhap news
S&P, a global credit rating agency, predicted Korea’s economic growth rate of 3.6% this year. It is 0.4 percentage points higher than the government estimate of 3.2% and 0.5 percentage points higher than the International Monetary Fund (IMF) forecast of 3.1%. Sean Roach, S&P Asia’s chief economist, at the ‘2021 Credit Risk Outlook: Balancing Economic Recovery and Debt Growth’ seminar held by S&P and Nice Credit Rating on the 27th showed that Korea’s economic growth was -1.0% last year, It looked at 3.6%. He said, “Korea responded well to Corona 19 last year, and exports remained solid, but there was a shock in employment.” He added, “In order to maintain recovery, financial aid should not be hastily reduced, but job-related support should be maintained.” On the 26th, IMF predicted that Korea’s economic growth rate was 3.1% this year, while the US and Japan saw 5.1% and 3.1%, respectively. S&P forecasts Korea’s growth rate relatively optimistic, looking at 4.2% and 2.7% for the US and Japan. Another global appraisal company, Moody’s, has predicted Korea’s growth this year with 3.1% (announced last year) and Pitch’s 3.7% (announced last year’s October). “We expect Korea’s export growth to be 4.2% this year and private consumption to 4.5% this year,” said Roach Chief Economist. “Private consumption will be the year leading the Korean economy.” “If exports slow, there is a downside risk, and policy support is needed to prevent this.”
S&P Executive Director Kim Eng Tan said, “Korea’s debt level is lower than that of other high-income countries.” “No.” In addition, he said, “Overall, the state debt is low, and major sectors are performing well, and the growth trend is solid. By Lee Jung-hoon, staff reporter [email protected]