S. Korea's Economy Facing Troubles at Home and AbroadVideo

Write : 2018-07-11 14:49:09 Update : 2018-07-12 10:39:47

Anchor: South Korea’s economy is facing troubles both at home and abroad amid weakening growth in domestic demand and as exports are showing signs of dwindling. Some experts forecast that the nation may post economic growth of less than three percent this year. 
Our Bae Joo-yon has more. 

Report: Serious concerns are growing over the South Korean economy as the number of people with jobs has failed to surge by more than 200-thousand for the fifth straight month amid a weakening growth in domestic demand. 

According to Statistics Korea on Wednesday, the number of the employed grew by roughly 142-thousand a month on average in the first half of the year. That’s less than half of the average monthly growth posted last year and the lowest since the second half of 2009 when the nation was faced with the aftermath of the global financial crisis. 

The disappointing figure comes as a slump in the manufacturing sector resulting from prolonged restructuring of the shipbuilding and automaker industries is reducing the number of jobs. 

Analysts say consumption is not picking up because of the tough employment conditions, stressing that employment directly affects consumption. 

Even exports, which the nation had heavily relied on, are starting to show signs of weakening. 

The Korea Customs Service says exports in the first ten days of this month stood at 14 billion U.S. dollars, down one-point-nine percent from the same period last year despite the fact there was an additional half working day compared to a year ago. 

Exports, which had enjoyed a 17-month growth streak, slipped one-and-a-half percent on-year in April. They rebounded in May but again shrank slightly in June. 

The nation’s exports could yet face more hardship as the escalating trade war between the U.S. and China could aggravate the international trade environment.

Economists say there is a growing possibility that this year’s growth could slip below the government's target of three percent, citing that the job market is expected to suffer a slump throughout the second half. 
Bae Joo-yon, KBS World Radio News. 

[Photo : KBS News]

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