President Lee Myung-Bak said Korea's economy is faring well despite the global fiscal crisis. He said that the country's national debt represents 33% of its GDP, only a third of the average 98% of the members of the rich nations' club of the OECD. Korea's liabilities in foreign exchange market has drastically improved after going through the crisis. Also, Korea's trade volume is expected to reach $1 trillion this year. He also emphasized that the psychology of the people also matters. He said "It would not be desirable for the nation to be overwhelmed by a crisis mentality", and that the government will closely monitor the domestic and external economic situation, with special emphasis on ensuring fiscal and external financial soundness.
In fact, since I don't live in my home country, generally I have no idea of the economic situations in Korea. When I visited Korea this summer, I felt no difference in the change of price level compared to the prior year's summer. But my friends, who have been living in Korea, said that they were experiencing rising price level. Recently I read the news that said the government would increase public transportation fees, upto 20% of the current fees. 20% is a huge increase in price I think, thus I think that no people could elude the impacts of it. However, I am glad to hear that the overall trade volume is stable and that the government is trying to lessen the magnitude of future fiscal crisis.
No comments:
Post a Comment