South Korea Facing Another Economic Challenge

In a data released by the United Nations Economic and Social Survey of Asia and the Pacific earlier this month, the growth of the Korean economy in the previous year appeared to be in trouble due to the sustained recession in the international trade.

An expert from the UN panel stated on Friday that the economies of the Asia-Pacific nations are predicted to acquire a 1.2 percentage point lower on average this 2017, this uncertainty is a greater challenge for South Korea.

Kilaparti Ramakrishna, subregional office director of ESCAP for East and North-East Asia, stated that the case of the Korean nation rarely happens among Asia, in consideration of the process of reorganizing a government under the leadership of President Moon Jae-in.

Furthermore, the East Asian-based nation is supported by robust domestic demand while the governance is efficient and fiscal management was further improved. It requires more support to maintain the strength of these aspects, securing that it will not decline.