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S. Korea to keep stimulus policy amid lingering uncertainties
Writer : Sender
Nov 05, 2009
South Korea's economy is making a "better-than-expected" recovery but uncertainties remain, a government report showed Thursday, reaffirming that the nation will keep its expansionary macroeconomic policy down the road.
"Indicators are showing that production, private consumption, investment and exports are all rebounding faster. And the nation posted better-than-expected growth in the third quarter," the Ministry of Strategy and Finance said in a report.
"However, uncertainties remain in relation to overseas economic conditions, so South Korea will maintain its macroeconomic policy stance it has taken so far," it noted, adding that the government will try to use most of the state budget assigned for this year in a manner that stimulates the economy.
The government assessment comes amid growing optimism that the economy might be bottoming out and indeed may have already hit its lowest point amid improving indicators.
South Korea has unveiled diverse economic stimulus measures including expanded fiscal spending, tax cuts and sharp interest rate cuts aimed at bolstering domestic demand and kick-start the sluggish economy.
According to the nation's central bank, gross domestic product grew 2.9 percent in the third quarter from three months earlier, a marked turnaround from a 5.1 percent plunge in the final quarter of last year, just after the nation's economy was hurled into chaos amid global financial turmoil.
(Source: Yonhap News)
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