Republic of Korea: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Korea

Author: International Monetary Fund. Asia and Pacific Dept

Volume/Issue: Volume 2023 Issue 369

Publication date: November 2023

ISBN: 9798400259432

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Topics covered in this book

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Inflation , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , International - Economics , liability positions vis-à-vis nonresident , PPI manual , market condition , market confidence , guarantee company , headline GDP , Inflation , Housing prices , Mortgages , Global , Asia and Pacific

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Summary

Korea faced challenges from inflation, growth slowdown, and financial stress in the wake of the pandemic. Growth started to slow in mid-2022 as global demand for electronics waned and domestic demand weakened but has begun to gradually recover in recent quarters. Headline inflation has declined from last year’s peak, though core inflation has remained more persistent. Pockets of financial vulnerability have emerged, but swift policy measures have helped to stabilize financial and housing markets. Despite having increased, systemic financial risks appear to remain manageable.