Download Jin Says 5% GDP Growth Possible in 2002

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Korea Securities Dealers Association
Jin Says 5% GDP Growth Possible in 2002
(Chosun Ilbo)(09.10.2001)
Deputy prime minister Jin Nyum said Saturday that if Korea makes significant
progress in the current policies for stimulating the economy and the global situation
improves, the country will achieve five percent economic growth next year. Jin made
the remarks in a keynote speech he delivered at the 8th Asia-Pacific Economic
Council (APEC) finance ministers meeting which is being held in Suzhou near
Shanghai in China. Jin also said the success or failure of market-led restructuring
depends on whether private banks spearhead restructuring. He also explained that the
Korean government has been analyzing specific measures to divest the government
stakes from bailed-out commercial banks as soon as possible. Jin also said Korea
achieved substantial progress in financial sector restructuring, but in the initial phase
of public fund injection the government failed to estimate the detailed amount of
public funds needed to complete the job.
Export, Import Prices Fall for 4th Straight Month
(Korea Times)(09.10.2001)
The nation's export and import prices continued on a downward spiral last month for
the fourth consecutive month. In a report on trends of export and import prices during
August, the Bank of Korea (BOK) said yesterday that export prices fell by 1.2 percent
last month from a month earlier, while import prices slipped by 0.9 percent. The
central bank explained that the drop in export prices was attributable to an
appreciation of the Korean won against the dollar as well as falling prices in
semiconductors and manufactured goods, caused by sluggish demand and declining
raw material prices. During the month, the value of the won against the greenback
rose by 1.3 percent from a month earlier. In the meantime, the BOK ascribed the
sharp drop in import prices to declining raw material and consumer goods' prices,
which dipped by 1.1 percent and 0.9 percent, respectively. The central bank pointed
out that raw material prices maintained a downward trend last month, due to the
strong won against the dollar coupled with sluggish demand, triggered by the
slumping world economy. Foreign currency-denominated import prices, which are
free from the fluctuation of foreign exchange rates, remained intact last month. In the
meantime, foreign currency-denominated export prices fell by 0.4 percent from the
previous month