SEOUL : South Korea should maintain current, restrictive monetary and fiscal policies as it needs to take steps to return to sustainable finances and address inflation, the International Monetary Fund (IMF) said on Wednesday.'The monetary policy rate should stay above neutral for the time being to address
SEOUL : South Korea should maintain current, restrictive monetary and fiscal policies as it needs to take steps to return to sustainable finances and address inflation, the International Monetary Fund said on Wednesday.
Harald Finger, Korea Mission Chief of the IMF, said,"Moderate consolidation will help limit public debt and, at the same time, will support monetary policy in efforts to contain inflation." Last month, the South Korean government proposed to raise budget spending for 2024 by the lowest rate in two decades, prioritising fiscal discipline amid weakening tax revenue due to slower economic growth.
"We do see a moderate increase in downside risk for Korea's growth, especially in 2024, with China's renewed slowdown," Finger said, also pointing out China's policy measures to mitigate economic slowdown and other positive factors such as the resumption of Chinese group tourism.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
South Korea, Southeast Asia must 'join forces' to counter North Korea: YoonJAKARTA: South Korea and Southeast Asian nations must 'join forces' to respond to North Korea's nuclear threats, president Yoon Suk Yeol said on Tuesday (Sep 5), as Washington warned Pyongyang's leader was
Read more »
South Korea, Southeast Asia must 'join forces' to counter North Korea: YoonJAKARTA – South Korea and Southeast Asian nations must 'join forces' to respond to North Korea's nuclear threats, president Yoon Suk Yeol said on Tuesday (Sept 5), as Washington warned Pyongyang's leader was set to make a rare trip to Russia for arms talks.
Read more »
Premature to say North Korean leader Kim Jong Un’s daughter an heir: SeoulThe Rodong Sinmun reported a total of 15 public activities attended by Ju Ae. Read more at straitstimes.com.
Read more »
S Korea's inflation quickens above forecast, keeping policymakers on watchSEOUL : South Korea's annual consumer inflation accelerated to 3.4 per cent in August while the month-on-month rate was the fastest since early 2017, which should keep policymakers on alert for any sustained uptick in prices.The Bank of Korea (BOK) last month held interest rates steady for a fifth straigh
Read more »
Kim to meet Putin as Russia seeks closer military ties with North KoreaKim Jong Un plans to travel to Russia this month to meet President Vladimir Putin and discuss the possibility of supplying Moscow with weapons for the war in Ukraine, as Russia says it is seeking closer military ties with North Korea. In a rare trip abroad, Kim would travel from Pyongyang, probably by armo
Read more »
Kim Jong Un to meet Vladimir Putin as Russia seeks closer military ties with North KoreaKim Jong Un plans to travel to Russia this month to meet President Vladimir Putin and discuss the possibility of supplying Moscow with weapons for the war in Ukraine, as Russia says it is seeking closer military ties with North Korea. In a rare trip abroad, Kim would travel from Pyongyang, probably by armo
Read more »