Korean Job Discussion Forums

[agoodmouse]

http://joongangdaily.joins.com/article/view.asp?aid=2904456

IMF predicts Korea�s GDP to fall below $15K in 2009
Gloomy forecast for inflation rate, employment figures
May 06, 2009

Korea�s per capita income will fall below $15,000 this year and won�t recover to the $20,000 mark until 2014, according to the International Monetary Fund.

Inflation in the country, however, will hit the highest level among advanced economies beginning next year, the IMF added.

The gloomy prospects for Koreans, which connotes weakening purchasing power, was part of the IMF�s revised outlook on the world economy.

In 2007, Korea�s gross domestic product per capita stood at $21,695, but it shrank to $19,231 as the global recession began to affect the domestic economy from the second half of last year.

In its revised outlook, the IMF said the per capita GDP for Korea will drop to $14,945 this year.

Korea will begin to recover next year, the IMF�s report continued, and will reach $19,015 in 2014. Korea�s per capita GDP will be $16,067 in 2011, $16,866 in 2012 and $17,839 in 2013, the IMF said.

Among the 33 countries it classifies as advanced economies, the IMF said Korea was ranked 28th in 2007 and 31st in 2008 in terms of per capita income. It estimated that Korea will drop by one notch to 32nd this year.

Last year the Czech Republic and Taiwan recorded per capita incomes lower than that of Korea. The per capita income for the Czech Republic was $17,630 and for Taiwan, $17,040.

Luxembourg will stay on top of the list at $94,417 this year, followed by Switzerland at $61,741, Denmark at $52,814, the United States at $45,550 and Finland at $44,217, the outlook showed.

The estimate for Japan is $39,115 this year, it said.

The IMF said Korea�s inflation was 4.7 percent last year, the fourth highest among the 33 advanced economies that the IMF identified.

But the organization estimated the figure for Korea will be 1.7 percent this year, tied with Slovakia as the third highest. Inflation in Iceland will stay on top at 10.6 percent, and Malta will be the lowest, with 1.8 percent.

However, from 2010 to 2014, Korea will have the highest average inflation rate at 3 percent annually, the IMF said.

The global finance institution also estimated that Korea�s fiscal balance this year will register a deficit of 33 trillion won ($25.8 billion), 3.2 percent of GDP, and 49.8 trillion won, 4.7 percent of GDP, next year.

In addition, unemployment will peak this year at 3.7 percent and drop to 3.6 percent next year. Korea will maintain a surplus in its current account balance of more than $20 billion for 2009 onward: $20.7 billion this year, $22.1 billion next year, $24.1 billion in 2011, $25.9 billion won in 2012, $25 billion won in 2013 and $28.1 billion won in 2014.


By Moon Gwang-lip [[email protected]]

[mises]

Was it the latest guy or the last guy who made as a cornerstone of his campaign raising p/c GDP to 20k?

[b-class rambler]

[Rusty Shackleford]

[Julius]

[DCJames]

and prices continue to rise to ridiculous levels...

[mises]

1) Complete their term without embezzling, bribing, or pocketing multibillions of won.
2) Correct the gender imbalance/ boy-girl ratio.
3) Take serious steps to empower women to an equality with men in this society.
4) Eradicate the human slavery of the massive prostitution industry.
5) Stop needless, unplanned and environmentally disastrous development projects.
6) Set aside and protect areas of special scientific interest in order to preserve the country's wildlife and natural heritage.
7) Crush corruption at all levels of government.
Institute a fair, sensible justice system and the rule of laws which cannot be got around, creatively interpreted, or transgressed by those with friends and money.
9) Install a powerful independent media watchdog to penalise misinformation, racism, misleading sensationalism.
10) Encourage the nation to face up to the truth of their history: mend relations with other countries.

Removing the word "won" and perhaps concerns about the balance-of-gender, this list could apply to a huge number of nations.

[Ilsanman]

They are comparing their earnings to US dollars. With the exchange rate, of course their earnings went down.

[RJjr]

What are South Korea's long-term plans relating to energy? I think Koreans are hard-working and savvy enough to overcome the drop in exports (long-term), but it seems like energy costs is the hurdle that keeps getting raised higher and higher.

[mises]

[Ya-ta Boy]

[Rusty Shackleford]

[mises]

[Rusty Shackleford]

^
When the Chinese start selling all those Govt backed bonds they are holding. How do you think the fed has been able to print cash with impunity for nigh on a decade? That cash had to go somewhere.

http://www.financialsense.com/fsu/editorials/schiff/2009/0508.html

This article partially covers what I'm on about.

[Kuros]