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Higher Oil Prices to Slow Korea's Economic Recovery

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공표년도

창작년도

2011-02-28

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A 20 percent rise in the prices of Dubai crude oil is taking its toll on the Korean economy.
The prices of oil products like gasoline have been going up for 20 consecutive weeks‚ escalating fears of inflation.
A ten percent rise in international oil prices is expected to raise the country's consumer prices by 0.1-2 percent.
[Interview : Kim Hwa-nyeon‚ Senior researcher
Samsung Economic Research Institute] "As a country that relies heavily on imports for raw materials‚ the hike in oil prices will be a factor that accelerates the rise of consumer prices."
Businesses in Korea are also on alert.
The production cost for the country's petrochemical‚ steel and textiles industries is expected to grow by as much as 7.1-8 percent which will undeniably hurt their profitability.
It's basically the same story for domestic airlines and transit services as they cannot pass on the higher prices to the customers.
As the latest price instability‚ triggered by rising oil prices‚ weakens consumer spending‚ experts fear that this will put the brakes on the country's manufacturing industry ultimately slowing Korea's economic growth.
The Bank of Korea estimates that a ten percent rise in oil prices will drop Korea's gross national product by 0.2 percent.
This means each 10 percent rise in oil prices will cut down Korea's manufacturing by 2 trillion won‚ or around 1.8 billion US dollars.
The effects of higher oil prices are being seen in various sectors of the Korean economy‚ with the country's stocks dropping 2.5 percent last week.
Hwang Sung-hee‚ Arirang News.
Reporter : ssung86@arirang.co.kr

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