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Republic of Korea: Staff Report for the 2002 Article IV Consultation

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  • International Monetary Fund

Abstract

This 2002 Article IV Consultation highlights that the economic growth of Korea rose to about 6 percent in 2002 from 3 percent in 2001. Buoyant consumption and residential construction spending underpinned the recovery beginning in late 2001. In 2002, exports rebounded strongly in spite of a weaker-than-expected recovery in the global economy. Unemployment has eased to near pre-crisis levels, although wage rises have been matched by productivity growth. In terms of macroeconomic policies, the fiscal surplus was substantially higher than budgeted, resulting in a contractionary fiscal stance in 2002.

Suggested Citation

  • International Monetary Fund, 2003. "Republic of Korea: Staff Report for the 2002 Article IV Consultation," IMF Staff Country Reports 2003/079, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2003/079
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