[THE INVESTOR] South Korean economy continues to be plagued by a sluggish labor market despite improving domestic spending, the Ministry of Strategy and Finance said in a report on July 8.
According to the report, consumer spending is on the rise, but the rate at which employment is rising has dropped and industrial output has yet to recover fully.
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Job fair sponsored by a South Korean companay |
The ministry also said that UK’s departure from the European Union and other domestic and international factors could hold back Korea’s economic recovery.
Regarding the global economy, risks are growing fanned by slow recovery of the US and other advanced economies, and the slowdown in emerging economies including China.
The report said that economic policies for the second half of the year including the formation and execution of a supplementary budget should be rolled out swiftly to respond to economic and labor market risks.
By Choi He-suk (
cheesuk@heraldcorp.com)
