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요약정보

1. Greeting
The Honorable Patrick Pruaitch‚ IMF Managing Director Madame Christine Lagarde‚ World Bank Group President Dr. Jim Yong Kim and fellow governors‚
2. Global Economic Outlook
We have successfully overcome the global financial crisis and European sovereign debt crisis through bold expansionary policies and close coordination.
However‚ we now face ‘secular stagnation’ that is quite different from the previous crises.
The global economy is recovering slowly‚ but the pace is weaker than expected. As countries are at different stages of recovery‚ crafting a unified response is difficult and downside risks are rising.
Uncertainty remains in the financial markets due to the divergence in monetary policies among advanced economies. With reduced growth potential and low inflation in addition to geopolitical risks in Ukraine and the Middle East‚ there are increasing concerns that the global economy may have entered an extended period of mediocre growth.
While proven successful in encouraging risk-taking in the financial markets‚ accommodative policies responding to the crises fell short of restoring confidence and investment in the real economy.
In terms of distribution‚ absolute poverty has dropped thanks to the emerging markets. Nevertheless‚ wealth gaps within individual countries as well as inequality at the global-level persist.
Therefore‚ policies for inclusive and sustainable growth that go beyond merely increasing income-levels are necessary to end extreme poverty and promote shared prosperity.
3. Policies for Global Economic Recovery
Against this background‚ I would like to make a few suggestions for a robust recovery of the global economy.
First of all‚ we need a timely policy transition.
So far‚ fiscal and monetary policies have been at the center of the debate from a short-term perspective. However‚ structural reforms in a timely manner are necessary to strengthen supply-side capacity‚ lift growth potential‚ and avoid an extended period of low growth.
Undertaking structural reforms is not a medium- to long-term task. Structural reforms can also lead to short-term growth by improving economic sentiment‚ promoting investment and increasing productivity. Based on the political will of its highest ranking decision makers‚ Korea is implementing swift structural reforms in areas such as the service industry and labor market.
Korea’s growth strategy comprising expansionary fiscal policy and timely structural reforms have been viewed favorably by the IMF and OECD.
Second‚ bold stimulus policy responses are called for.
The emphasis on restoring fiscal soundness in the short-term to improve the credibility of governments was proven successful in the process of overcoming the crises. However‚ its impact was limited during the global economic recovery that followed.
We are at an opportune time for creative and bold growth-friendly policies tailored to each country’s circumstances.
Well-designed expansionary macroeconomic policies encourage labor market participation and promote consumption and investment‚ which in turn leads to increased tax revenue. In addition‚ successful structural reforms boosting growth potential can contribute to fiscal soundness in the medium- to long-term. Recently‚ Korea is implementing decisive growth-friendly policies. The goal is to prevent falling into a low-level equilibrium‚ in which domestic consumption and investment slow down with low growth and inflation in the global economy. Such policies are also intended to establish a virtuous cycle between corporate profits and household income.
In order to boost household income‚ Korea introduced 3 tax packages to increase dividends‚ wages and investments while implementing reforms in the labor market to encourage job creation.
To raise corporate revenue‚ the govern

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