Korea, Детальна інформація

GNP Growth Rate in % 9.1 5.0 5.6 8.5

Manufacturing Sector Growth Rate in % 9.1 5.1 5.0 10.0

Private Consumption Growth Rate in % 9.5 6.6 5.7 7.2

Investment Growth Rate in % 12.6 0.8 3.6 10.3

Equipment Growth Rate in % 12.1 1.1 0.2 17.7

Prices





Producer Price % 4.7 2.2 1.5 2.2

Consumer Price % 9.3 6.2 4.8 6.2

Balance of Payments

7.0 2.2 1.9 1.6

Export US$ bil. 69.6 75.1 81.0 43.1

Imports US$ bil. 76.6 77.3 79.1 44.7

Current Account





Balance US$ bil. 8.7 4.5 0.4 2.7



In 1992, the Korean economy rapidly cooled off, with the GNP growth rate dipping to 5.0 percent, influenced chiefly by blunted investment in capital goods. The consumer price index rose just 6.2 percent, and the deficit in the balance of payments also dropped to US$4.5 billion.

At that time, the Korean economy faced many challenges on both the internal and external fronts. Part of the economic slowdown may be explained by the cyclical adjustment of the economy after three consecutive years of rapid growth. However, the stagnation was more likely the result of a structural deterioration in competitiveness, due to a combination of the lingering legacies of the past government-led economic management system, which had now become inefficient, and the disappearance of the advantages dericed from the once ample availability of low-cost labor: Thus the country was forced to search for a new driving force sufficient for sustained economic growth.

Major Tasks and Policy Directions



To revitalize the economy the Kim Young Sam Administration, which was inaugurated in February 1993 as the first civilian democratic government in over three decades, is endeavoring to construct a new developmental paradigm called “the New Economy”. This signals a clean departure from the past, when the government directed and controlled the concentrated investment of capital, labor and other resources in selected “strategic” industrial sectors to achieve rapid economic growth. Instead, the New Economy will promote the autonomy and creativity of all economic actors in oreder to maximize efficiency, while ensuring the equitable distribution of income. In that way, it seeks to enable the nation to leap into the ranks of the developed nations within the next five years.

As an initial step, the new Administration implemented a short-term 100-Day Plan for the New Economy in March 1993, designed to promptlycreate conditions conductive to revitalazing the economy. This was followed by the development of a new five-year economic development plan. Formally announced in July 1993, the Five-Year Plan for the New Economy was conceived primarily to lay the basis for joining the ranks of advanced countries and thus to effectively prepare for the eventual unification of the Korean Peninsula.

The Government will continue its efforts to ensure the effective implementation of the five-year plan through the spontaneous participation of the people by reforming economic institutions including the improvement or simplification of existing financial and tax systems and administrative measures. Furthermore, the Government will continue to endeavor to fully realized the nation’s economic growth potential, streigthen its international competitiveness, and improve the economic conditions of the public.

If the plan is implemented as intended, the Korean economy is projected to change as follows:

First with increased efficency and greater realization of growth potential, the gross national product should rise at an average annual rate of about 6.9 percent, raising per capita GNP to US$14,076 in 1998.