S.Korean monthly gov’t report warns of economic slump for 3rd month

SEOUL, Aug. 19– A monthly economic report of South Korea warned of an economic slowdown for the third consecutive month, amid high inflation and slower export growth, according to the report on Friday. The Ministry of Economy and Finance said in the report, called the Green Book, that it worried about the economic slowdown due to the continued high inflation, driven…

SEOUL, Aug. 19 (Xinhua) — A monthly economic report of South Korea warned of an economic slowdown for the third consecutive month, amid high inflation and slower export growth, according to the report on Friday.

The Ministry of Economy and Finance said in the report, called the Green Book, that it worried about the economic slowdown due to the continued high inflation, driven by the worsened external conditions and the slow export recovery.

The ministry noted that downside risks to the global economy continued to mount on high inflation, interest rate hikes in major economies and the prolonged geopolitical risks in Europe.

The country’s consumer prices soared 6.3 percent in July from a year earlier, logging the fastest increase in almost 24 years since November 1998.

Export grew in single digits for two months through July, after posting double-digit growth for the past 15 months.

Sentiment among consumers over the economic situation dipped 10.4 points from a month earlier to 86.0 in July, falling below 90 in nearly two years since September 2020.

The number of jobs increased 826,000 in July from a year earlier, and industrial output added 0.6 percent in June from a month earlier. Enditem