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Offsetting Sluggish Exports by Shoring up Domestic Consumption

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공표년도

창작년도

2008-10-29

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요약정보

Growth in exports Korea's economic engine is forecast to slow down even further next year due to the sluggish global economy.
The Knowledge Economy Ministry predicts that next year the eight leading industries comprising machinery‚ steel and shipbuilding will post a combined growth of 10.5 percent down more than 6-and-a-half percentage points from earlier estimates.
Taking a closer look export growth in general machinery is projected to be the hardest hit plummeting to 7.5 percent next year from this year's 30 percent. Steel is also expected to plunge to 11.3 percent from more than 28 percent and petrochemicals dropping to 4.3 percent from 19.3 percent.
Other backbone industries like electronics‚ autos and shipbuilding will see the pace of growth sagging further next year. Analysts explain shrinking investor sentiment in developing nations and reduced demand of durable goods in advanced nations will amount to a double whammy for Korea's leading exports.
To cushion the impact‚ the government has shifted its sights inward planning to boost domestic demand. It has decided to ease regulations that had banned factory construction around metropolitan areas and green belt zones. This move is hoped to keep local investment from going out of the country.
Also‚ it will lower the tariffs on imported raw materials.
Under consideration is cutting the consumption tax imposed on auto purchases in a bid to encourage greater auto sales within the country.
The government is also taking immediate measures.
To bring the trade account into the black this month‚ it has decided to push back to next month imports of 150 million US dollars of steel products. This preemptive move is intended to avert a back-to-back deficit in the trade account in the wake of the recent current account deficit.
Park Jonghong‚ Arirang News.
Reporter : julian@arirang.co.kr

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