Go to Contents Go to Navigation

Economic conditions expected to improve early next year: vice finance minister

Economy 10:41 December 24, 2019

SEJONG, Dec. 24 (Yonhap) -- Economic conditions at home and abroad are expected to improve early next year, supported by a trade truce between the United States and China and an easing of Brexit worries, South Korea's vice finance minister said Tuesday.

Vice Finance Minister Kim Yong-beom made the remarks at a regular meeting with senior financial officials on macroeconomic factors earlier in the day.

"Recently, financial markets at home and abroad showed an improvement, thanks to a 'phase one' trade deal between the U.S. and China and an easing of Brexit uncertainty," Kim told the meeting.

Vice Finance Minister Kim Yong-beom speaks at a meeting with senior financial officials on macroeconomic factors in Seoul on Dec. 24, 2019. (Yonhap)

Kim said that South Korea's economy is also showing signs of a rebound, citing a modest gain in November employment and steady rises in service output and consumption.

"From early next year, overall economic conditions are expected to improve," Kim said.

Still, sluggish exports and construction investment have brought negative consequences to the nation's economy, Kim said.

South Korea's economy is expected to grow 2.4 percent next year, following this year's estimated 2-percent expansion, on the back of an anticipated recovery in the memory chip sector and a series of policy measures.

Hit by a lengthy U.S.-China trade war and a cyclical slump in the memory chip sector, Korea's economy is poised to report its weakest annual growth in a decade this year.

kdh@yna.co.kr
(END)

HOME TOP
Send Feedback
How can we improve?
Thanks for your feedback!