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Korea - Country economic memorandum (Inglês)

This Country Economic Memorandum (CEM) provides a brief assessment of recent economic developments in Korea, and of their implications for the near term, based on a visit to Korea in December 1985. It examines various economic indicators such as output and demand; employment, wages and prices; fiscal and monetary developments; trade and the capital account and reviews their performance. From most present indications it appears that 1986 will allow Korea to return to the high-export/high-growth trajectory envisioned in the Fifth Plan, and to gear up for similar peformance over the course of the Sixth Plan. An extremely favorable sequence of developments in the last few months has made it likely that the shortfalls experienced in 1985 will be adequately made up in 1986. Three principal developments are expected to boost Korea back to its planned growth path: (i) the recent steep decline in the price of oil; (ii) the decline in international interest rates; and (iii) the recent sharp appreciation of the Japanese yen. All of these developments should make it easier for Korea to achieve balance of payments equilibrium and high GNP growth rates without exceeding its self-imposed constraint on additional external debt and without experiencing higher rates of inflation.

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