South Korea refers to "Downside risks" In the latest economic report after political turmoil
South Korea’s Ministry of Economy and Finance said on Friday that the country’s economy faces “downside risks.” Due to uncertainty at home and abroad, despite signs of stabilizing inflation; Contrary to the previous month’s assessment, which indicated a “gradual recovery.”
The ministry stated – in a monthly economic report issued about a week after President Yeon Seok-yeol declared martial law; As the announcement sparked major turmoil in the markets – “concerns are growing about increasing downside risks in the South Korean economy, including declining economic sentiment for households and companies, due to escalating uncertainty at home and abroad.”, according to the South Korean News Agency (Yonhap) .
The latest assessment comes on the heels of a report issued in November, in which the South Korean Ministry of Finance revised the term "recovery" To “gradual recovery.”
Last month, the report also excluded the phrase “signs of recovery in domestic demand.” For the first time in 7 months. The South Korean Ministry of Finance stated that although the global economy is showing signs of recovery, geopolitical risks are leading to uncertainty in the business environment.
The report added that The government is working hard to shore up South Korea’s credibility, by strengthening inter-agency coordination led by meetings of ministers concerned with the economy.
According to the report, South Korea added 123,000 new jobs in November compared to In the previous year, the unemployment rate reached 2.2%, a decrease of 0.1 percentage points in the mentioned period.
The Consumer Price Index, a key measure of inflation, rose by 1.5% on the basis of Annually in November, after increasing by 1.3% in October.
During October, industrial output in South Korea fell by 0.3% from the previous month, and sales fell Retail, a measure of private spending, fell by 0.4%.
Investment in utilities saw a sharper decline in October, falling by 5.8% from the previous month. This is largely due to the decline in the construction sector.
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