SEOUL: South Korea’s economy seems to be steadily rebounding as some major indicators are showing signs of improving from their earlier marked setbacks, a government report showed Friday.
“Things appear to be bouncing back from a slump seen at the start of the year with industrial output recovering boosted by an eased downward pace of exports,” the finance ministry said in its monthly economy assessment report. The report is based on the latest economic indicators on such key factors as output, exports, consumption and corporate investment that could provide clues as to how the economy has been faring in recent months.
Recent data showed that the country’s industrial output posted 3.3 percent growth in February from a month earlier, the sharpest hike since September 2009. Exports fell 8.2 percent on-year in March, but their downward pace slowed significantly compared with the 8.5 percent fall in January and the 12.2 percent one in February.
Despite the somewhat favorable assessment, the report still cited external risks, such as the global economic slowdown, uncertainties over the U.S. rate policy and instability in emerging markets that could weigh on the Korean economy that relies a lot on exports.
“In order for the economic recovery to get on a more solid footing, we will carry out such tasks as economic innovation, structural reform, investment-boosting and job creation as planned,” the report said, The ministry also vowed to keep close tabs on financial and currency markets and economic trends at home and abroad to be ready for any necessary action.
