The document summarizes Korea's economic performance and policies during the global financial crisis. It shows that Korea experienced a V-shaped recession and recovery, with GDP falling then rapidly rebounding. Exports declined sharply but have since recovered. The stock market dropped but has also bounced back, while inflation remains low and the currency stable. Going forward, Korea will focus on sustainable growth through strengthening domestic demand and the social safety net.
The global economy is stabilizing after an unprecedented recession, helped by unprecedented policy support. However, the recession is not over and the recovery is expected to be sluggish. While growth is projected to be higher in 2010 than previously expected, the advanced economies are not expected to show sustained growth until the second half of 2010. Financial conditions have improved due to government intervention, but financial systems remain impaired and government support will gradually diminish.
This document provides an overview of investment opportunities in South Africa and the Western Cape region. It outlines key statistics about South Africa's economy such as its population, literacy and unemployment rates, and inflation. It also discusses South Africa's competitiveness rankings globally and within Africa. The Western Cape region has consistently outperformed the national economy in GDP growth. The presentation concludes with a question and answer section.
1) The document discusses the opportunity for investing in small cap companies in India.
2) Small caps have outperformed other indices like Sensex and midcaps over the last 2 years and still trade at lower valuations.
3) Examples are given of companies that started as small caps and grew to become large caps, delivering substantial returns over many years.
4) Successful small cap investing relies on careful stock selection focusing on growth potential, emerging sectors, and passionate management.
Government revises its 2009 real GDP growth forecast. The Prime
Minister (PM) announced yesterday that the official real GDP growth
forecast for this year is now between -4% and -5% from +1% to -1%
announced by Bank Negara Malaysia (BNM) in Mar 09. This is due to
the impact of the global recession on external demand which also
weakened domestic demand, especially private investment (1Q09: -
26% YoY), including FDI (1Q09: -50% YoY). However, apart from
mentioning a 25% drop in exports, no detailed breakdown of the
revised forecast was provided.
Banco Santander reported its 1Q09 results on April 29th, 2009. The presentation provided an overview of Brazil's macroeconomic scenario, noting that while GDP growth slowed in 2009 due to the global crisis, Brazil's fundamentals remain strong. It discussed how Brazil's financial system is well-capitalized and more resilient compared to previous crises. Finally, it summarized Santander's strategy and franchise in Brazil, highlighting the progress of its integration and how the combined network provides better service and access for its over 9 million customers.
External risks continue to threaten the global economy but Korea’s economic growth will likely improve in the second half of 2011 and free trade agreements are poised to increase expansion substantially. Those were among the points made at the Korean Economic Forum, co-hosted by Samsung Economic Research Institute and the Korea JoongAng Daily at the Hotel Shilla on May 25. Among the many distinguished guests were ambassadors, CEOs and foreign correspondents.
The document summarizes banking industry performance in 2010 following the financial crisis. Key points include:
- Global banking market capitalization increased 10% in 2010, recovering further from the crisis but remaining below pre-crisis levels.
- Total shareholder returns for banks fell from 47.1% in 2009 to 6% in 2010, below the all-industry average, with emerging markets performing best.
- Five of the top ten largest banks by market cap were from emerging markets, including four from China, highlighting the strength of emerging market banks.
- For the first time since the crisis, all major banking markets were profitable, with Switzerland having the highest returns, though profitability declined in Spain and was
Review Reliance Index Fund - Nifty Plan granny2010
This document discusses investing in India through index funds. It notes that India's GDP is projected to reach $2 trillion within the next 5-6 years and $4 trillion within the subsequent 5-7 years, highlighting India's strong growth trajectory. It also discusses how India's large domestic market and high savings and investment rates are driving factors for sustained long-term growth. The document promotes investing in India through index funds, which track market indices like the S&P CNX Nifty, providing low-cost exposure to India's growth story.
The global economy is stabilizing after an unprecedented recession, helped by unprecedented policy support. However, the recession is not over and the recovery is expected to be sluggish. While growth is projected to be higher in 2010 than previously expected, the advanced economies are not expected to show sustained growth until the second half of 2010. Financial conditions have improved due to government intervention, but financial systems remain impaired and government support will gradually diminish.
This document provides an overview of investment opportunities in South Africa and the Western Cape region. It outlines key statistics about South Africa's economy such as its population, literacy and unemployment rates, and inflation. It also discusses South Africa's competitiveness rankings globally and within Africa. The Western Cape region has consistently outperformed the national economy in GDP growth. The presentation concludes with a question and answer section.
1) The document discusses the opportunity for investing in small cap companies in India.
2) Small caps have outperformed other indices like Sensex and midcaps over the last 2 years and still trade at lower valuations.
3) Examples are given of companies that started as small caps and grew to become large caps, delivering substantial returns over many years.
4) Successful small cap investing relies on careful stock selection focusing on growth potential, emerging sectors, and passionate management.
Government revises its 2009 real GDP growth forecast. The Prime
Minister (PM) announced yesterday that the official real GDP growth
forecast for this year is now between -4% and -5% from +1% to -1%
announced by Bank Negara Malaysia (BNM) in Mar 09. This is due to
the impact of the global recession on external demand which also
weakened domestic demand, especially private investment (1Q09: -
26% YoY), including FDI (1Q09: -50% YoY). However, apart from
mentioning a 25% drop in exports, no detailed breakdown of the
revised forecast was provided.
Banco Santander reported its 1Q09 results on April 29th, 2009. The presentation provided an overview of Brazil's macroeconomic scenario, noting that while GDP growth slowed in 2009 due to the global crisis, Brazil's fundamentals remain strong. It discussed how Brazil's financial system is well-capitalized and more resilient compared to previous crises. Finally, it summarized Santander's strategy and franchise in Brazil, highlighting the progress of its integration and how the combined network provides better service and access for its over 9 million customers.
External risks continue to threaten the global economy but Korea’s economic growth will likely improve in the second half of 2011 and free trade agreements are poised to increase expansion substantially. Those were among the points made at the Korean Economic Forum, co-hosted by Samsung Economic Research Institute and the Korea JoongAng Daily at the Hotel Shilla on May 25. Among the many distinguished guests were ambassadors, CEOs and foreign correspondents.
The document summarizes banking industry performance in 2010 following the financial crisis. Key points include:
- Global banking market capitalization increased 10% in 2010, recovering further from the crisis but remaining below pre-crisis levels.
- Total shareholder returns for banks fell from 47.1% in 2009 to 6% in 2010, below the all-industry average, with emerging markets performing best.
- Five of the top ten largest banks by market cap were from emerging markets, including four from China, highlighting the strength of emerging market banks.
- For the first time since the crisis, all major banking markets were profitable, with Switzerland having the highest returns, though profitability declined in Spain and was
Review Reliance Index Fund - Nifty Plan granny2010
This document discusses investing in India through index funds. It notes that India's GDP is projected to reach $2 trillion within the next 5-6 years and $4 trillion within the subsequent 5-7 years, highlighting India's strong growth trajectory. It also discusses how India's large domestic market and high savings and investment rates are driving factors for sustained long-term growth. The document promotes investing in India through index funds, which track market indices like the S&P CNX Nifty, providing low-cost exposure to India's growth story.
India's international trade and investmentMohit Malviya
India's international trade and foreign direct investment has grown substantially in recent years. Between 2002 and 2008, India's total merchandise trade increased from $95 billion to $391 billion, with exports growing at an average rate of 24.5% and imports growing 30.3% annually. Major trading partners for both exports and imports include the US, China, UAE, and Saudi Arabia. Trade has shifted towards developing Asian countries, with Asia's share of exports increasing from 39% to 52% during 2001-2008. Foreign direct investment inflows and outflows have also increased significantly.
2008 - ApresentaçãO SãO Paulo Mercado RegionalEmbraer RI
The document discusses the commercial jet market and the ERJ145 family of regional jets. It notes that while fuel prices may provide some relief in 2009-2010, the industry is expected to see more consolidation, capacity cuts, fare increases, and a focus on efficiency. Over 1,000 ERJ145 aircraft have been delivered since its introduction. In the US domestic market in 2007, 29% of RJ50 flights occurred in markets with 5-25 annual flights, while markets with over 200 annual flights accounted for 19% of RJ50 flights.
Global economic activity is picking up, but the continuing crisis in the euro area is delaying a meaningful recovery and job creation, the OECD said in its latest Interim Economic Assessment.
The document provides an economic assessment of the impact of Mongolia's proposed new mineral law. It discusses:
1. The role of mining in Mongolia's economy and its contributions to GDP, exports, investment, and government revenue.
2. The proposed new mineral law and the methodology used for the economic analysis.
3. The implications of the proposed law on Mongolia's economy based on modeling insights.
4. Conclusions from the analysis of the economic impact of the proposed new mineral law.
The document provides an overview of Enel SpA's 2011 results and 2012-2016 strategic plan. Key points include:
1) Enel reported a 1.4% increase in EBITDA for 2011 to €17.7 billion, though net income declined 5.5% to €4.1 billion due to higher taxes.
2) The strategic plan outlines macroeconomic assumptions for mature and growth markets and focuses on priorities like efficiencies in mature markets and growth in emerging markets.
3) The plan expects challenges in 2012 from declining demand in Italy, Spain, and mature markets as well as overcapacity issues, while forecasting organic growth to boost profitability in Latin America.
The Saturday Economist : UK recoveries compared 1930 2012 John Ashcroft
The document compares the UK recessions and recoveries of 1930, 1980, 1990 to the current recession from 2008. It finds that the 2008 recession was steeper than previous recessions. The recovery was in line with previous recessions until 2011, but has since faltered, with the economy now flatlining and output still below pre-recession levels. In contrast to previous strong recoveries, the current recovery lacks stimulus, with constrained government spending, household spending, and weak investment awaiting growth in domestic demand.
The document discusses the slowing of global economic growth and identifies several risks and policy challenges. It notes that growth is moderating in both developed and developing economies, with a risk of double-dip recession. Downside risks include the sovereign debt crisis, high unemployment, and financial sector fragility. Policy responses recommended include coordinated short-term stimulus focused on job creation and medium-term reforms.
The global economy is recovering, but confidence is extremely uneven across different regions, according to the OECD’s latest Economic Outlook. European governments must take greater action to ensure that the crisis in the euro area does not derail the recovery.
Public investments in agriculture in Mozambique have achieved impressive growth rates in recent years, however this growth may not be sustainable. While agricultural GDP and public spending on agriculture have grown at average annual rates of 8.4% and 12.2% respectively between 2000-2011, there are indications that further technical change is needed to maintain this level of growth. Models suggest that public investment in agriculture would need to increase substantially, to around 18-28% annually, in order to spur sufficient technical change through investments in areas like agricultural R&D, infrastructure, and institutional development. Understanding the determinants of public investment decisions, such as the country's budgeting process and the incentives of various actors, will be important to guide investments toward
The document summarizes recent tax reforms in Georgia. It provides background on Georgia's economy and notes that GDP growth has averaged over 10% in recent years due to market-oriented reforms. It also indicates that Georgia has improved its ease of doing business and economic freedom according to international rankings, having risen from 112th in 2005 on the economic freedom index. The reforms have helped create a more favorable market environment.
Goldman Sachs hosted a basic materials conference in New York on May 16, 2007. Newmont Mining Corporation presented at the conference, providing an overview of its global mining portfolio and 2007 production and cost guidance for its operations. Newmont outlined opportunities and challenges for its mines in Nevada, Peru, Australia, Indonesia, and Ghana. It also discussed exploration spending, future development prospects, and reasons for its position as the gold company of choice.
The Chinese Academy of Agricultural Sciences (CAAS) and the International Food Policy Research Institute (IFPRI) jointly hosted the International Conference on Climate Change and Food Security (ICCCFS) November 6-8, 2011 in Beijing, China. This conference provided a forum for leading international scientists and young researchers to present their latest research findings, exchange their research ideas, and share their experiences in the field of climate change and food security. The event included technical sessions, poster sessions, and social events. The conference results and recommendations were presented at the global climate talks in Durban, South Africa during an official side event on December 1.
The document provides an overview of Israel's economy in 2010. Some key points:
- Israel's GDP was $217 billion in 2010. Exports totaled $58 billion while imports were $59 billion.
- The industrial and hi-tech sectors are major drivers of Israel's economy, accounting for around half of exports. Major export partners are North America, Asia, and Europe.
- The economy grew around 4.6% in 2010 with low unemployment of 6.7%, continuing recovery from the 2009 recession.
Leslie Appleton Young, CAR Chief Economist, spoke at the Real Living Lifestyles New Year, New You Real Estate Symposium on January 31, 2012. She shared her economic forecast for the coming year, and all of the latest charts and stats on the California economy.
The document discusses ASEAN economic integration and related topics. It notes that ASEAN was established in 1967 and discusses goals of fostering cooperation and ensuring stability and security in Southeast Asia. It also references plans for an ASEAN Economic Community to facilitate integration among member countries and with the global economy, including creating a single market and production base. Key areas of focus are mentioned like human resource development, e-commerce, and improving physical connectivity between ASEAN countries.
This document discusses Japan's promotion of foreign direct investment (FDI). It notes the risks of an aging population and industrial hollowing out, and how FDI can help address these issues through innovation. Specific measures to promote FDI discussed include tax incentives, improving the business environment, and establishing Asian headquarters in Japan. The importance of FDI to Japan's economy has increased over time from contributing little in the 1980s to now being key for survival given current challenges.
Israel has transitioned to a highly developed, technology-focused economy. It has rapidly developed technology and hi-tech industries, relying on a skilled workforce and entrepreneurial culture. Exports, especially of high-tech goods and services, have driven strong economic growth. Israel spends more on research and development as a percentage of GDP than any other OECD nation. Despite its small size, Israel consistently ranks highly on global competitiveness and innovation indices.
SERI 2011 Korea Economic Forum
External risks continue to threaten the global economy but Korea’s economic growth will likely improve in the second half of 2011 and free trade agreements are poised to increase expansion substantially. Those were among the points made at the Korean Economic Forum, co-hosted by Samsung Economic Research Institute and the Korea JoongAng Daily at the Hotel Shilla on May 25. Among the many distinguished guests were ambassadors, CEOs and foreign correspondents.
This document summarizes an academic research paper on determining future key items for trade agreements (FTAs) between Indonesia and partner countries. The research assesses Indonesia's priority economic sectors and foreign direct investment (FDI) impacts to identify opportunities. It reviews Indonesia's economic statistics and sectoral contributions to GDP. Interviews and previous FTA assessments inform the analysis to provide recommendations on negotiation items that support Indonesia's economic development goals through trade agreements.
This document provides economic indicators for India's Ninth, Tenth, and Eleventh Five-Year Plans, including GDP growth rates, industrial growth, agricultural growth, domestic saving and capital formation as percentages of GDP, fiscal deficits, inflation rates, export and import growth, current account balances, and debt service ratios. GDP growth was highest in the Tenth Plan at 9.6% on average. Industrial growth peaked at 12.2% in 2006-07 while agricultural growth was highest at 10.3% in 2002-03. Domestic saving and capital formation as a percentage of GDP generally increased over the three plan periods.
India's international trade and investmentMohit Malviya
India's international trade and foreign direct investment has grown substantially in recent years. Between 2002 and 2008, India's total merchandise trade increased from $95 billion to $391 billion, with exports growing at an average rate of 24.5% and imports growing 30.3% annually. Major trading partners for both exports and imports include the US, China, UAE, and Saudi Arabia. Trade has shifted towards developing Asian countries, with Asia's share of exports increasing from 39% to 52% during 2001-2008. Foreign direct investment inflows and outflows have also increased significantly.
2008 - ApresentaçãO SãO Paulo Mercado RegionalEmbraer RI
The document discusses the commercial jet market and the ERJ145 family of regional jets. It notes that while fuel prices may provide some relief in 2009-2010, the industry is expected to see more consolidation, capacity cuts, fare increases, and a focus on efficiency. Over 1,000 ERJ145 aircraft have been delivered since its introduction. In the US domestic market in 2007, 29% of RJ50 flights occurred in markets with 5-25 annual flights, while markets with over 200 annual flights accounted for 19% of RJ50 flights.
Global economic activity is picking up, but the continuing crisis in the euro area is delaying a meaningful recovery and job creation, the OECD said in its latest Interim Economic Assessment.
The document provides an economic assessment of the impact of Mongolia's proposed new mineral law. It discusses:
1. The role of mining in Mongolia's economy and its contributions to GDP, exports, investment, and government revenue.
2. The proposed new mineral law and the methodology used for the economic analysis.
3. The implications of the proposed law on Mongolia's economy based on modeling insights.
4. Conclusions from the analysis of the economic impact of the proposed new mineral law.
The document provides an overview of Enel SpA's 2011 results and 2012-2016 strategic plan. Key points include:
1) Enel reported a 1.4% increase in EBITDA for 2011 to €17.7 billion, though net income declined 5.5% to €4.1 billion due to higher taxes.
2) The strategic plan outlines macroeconomic assumptions for mature and growth markets and focuses on priorities like efficiencies in mature markets and growth in emerging markets.
3) The plan expects challenges in 2012 from declining demand in Italy, Spain, and mature markets as well as overcapacity issues, while forecasting organic growth to boost profitability in Latin America.
The Saturday Economist : UK recoveries compared 1930 2012 John Ashcroft
The document compares the UK recessions and recoveries of 1930, 1980, 1990 to the current recession from 2008. It finds that the 2008 recession was steeper than previous recessions. The recovery was in line with previous recessions until 2011, but has since faltered, with the economy now flatlining and output still below pre-recession levels. In contrast to previous strong recoveries, the current recovery lacks stimulus, with constrained government spending, household spending, and weak investment awaiting growth in domestic demand.
The document discusses the slowing of global economic growth and identifies several risks and policy challenges. It notes that growth is moderating in both developed and developing economies, with a risk of double-dip recession. Downside risks include the sovereign debt crisis, high unemployment, and financial sector fragility. Policy responses recommended include coordinated short-term stimulus focused on job creation and medium-term reforms.
The global economy is recovering, but confidence is extremely uneven across different regions, according to the OECD’s latest Economic Outlook. European governments must take greater action to ensure that the crisis in the euro area does not derail the recovery.
Public investments in agriculture in Mozambique have achieved impressive growth rates in recent years, however this growth may not be sustainable. While agricultural GDP and public spending on agriculture have grown at average annual rates of 8.4% and 12.2% respectively between 2000-2011, there are indications that further technical change is needed to maintain this level of growth. Models suggest that public investment in agriculture would need to increase substantially, to around 18-28% annually, in order to spur sufficient technical change through investments in areas like agricultural R&D, infrastructure, and institutional development. Understanding the determinants of public investment decisions, such as the country's budgeting process and the incentives of various actors, will be important to guide investments toward
The document summarizes recent tax reforms in Georgia. It provides background on Georgia's economy and notes that GDP growth has averaged over 10% in recent years due to market-oriented reforms. It also indicates that Georgia has improved its ease of doing business and economic freedom according to international rankings, having risen from 112th in 2005 on the economic freedom index. The reforms have helped create a more favorable market environment.
Goldman Sachs hosted a basic materials conference in New York on May 16, 2007. Newmont Mining Corporation presented at the conference, providing an overview of its global mining portfolio and 2007 production and cost guidance for its operations. Newmont outlined opportunities and challenges for its mines in Nevada, Peru, Australia, Indonesia, and Ghana. It also discussed exploration spending, future development prospects, and reasons for its position as the gold company of choice.
The Chinese Academy of Agricultural Sciences (CAAS) and the International Food Policy Research Institute (IFPRI) jointly hosted the International Conference on Climate Change and Food Security (ICCCFS) November 6-8, 2011 in Beijing, China. This conference provided a forum for leading international scientists and young researchers to present their latest research findings, exchange their research ideas, and share their experiences in the field of climate change and food security. The event included technical sessions, poster sessions, and social events. The conference results and recommendations were presented at the global climate talks in Durban, South Africa during an official side event on December 1.
The document provides an overview of Israel's economy in 2010. Some key points:
- Israel's GDP was $217 billion in 2010. Exports totaled $58 billion while imports were $59 billion.
- The industrial and hi-tech sectors are major drivers of Israel's economy, accounting for around half of exports. Major export partners are North America, Asia, and Europe.
- The economy grew around 4.6% in 2010 with low unemployment of 6.7%, continuing recovery from the 2009 recession.
Leslie Appleton Young, CAR Chief Economist, spoke at the Real Living Lifestyles New Year, New You Real Estate Symposium on January 31, 2012. She shared her economic forecast for the coming year, and all of the latest charts and stats on the California economy.
The document discusses ASEAN economic integration and related topics. It notes that ASEAN was established in 1967 and discusses goals of fostering cooperation and ensuring stability and security in Southeast Asia. It also references plans for an ASEAN Economic Community to facilitate integration among member countries and with the global economy, including creating a single market and production base. Key areas of focus are mentioned like human resource development, e-commerce, and improving physical connectivity between ASEAN countries.
This document discusses Japan's promotion of foreign direct investment (FDI). It notes the risks of an aging population and industrial hollowing out, and how FDI can help address these issues through innovation. Specific measures to promote FDI discussed include tax incentives, improving the business environment, and establishing Asian headquarters in Japan. The importance of FDI to Japan's economy has increased over time from contributing little in the 1980s to now being key for survival given current challenges.
Israel has transitioned to a highly developed, technology-focused economy. It has rapidly developed technology and hi-tech industries, relying on a skilled workforce and entrepreneurial culture. Exports, especially of high-tech goods and services, have driven strong economic growth. Israel spends more on research and development as a percentage of GDP than any other OECD nation. Despite its small size, Israel consistently ranks highly on global competitiveness and innovation indices.
SERI 2011 Korea Economic Forum
External risks continue to threaten the global economy but Korea’s economic growth will likely improve in the second half of 2011 and free trade agreements are poised to increase expansion substantially. Those were among the points made at the Korean Economic Forum, co-hosted by Samsung Economic Research Institute and the Korea JoongAng Daily at the Hotel Shilla on May 25. Among the many distinguished guests were ambassadors, CEOs and foreign correspondents.
This document summarizes an academic research paper on determining future key items for trade agreements (FTAs) between Indonesia and partner countries. The research assesses Indonesia's priority economic sectors and foreign direct investment (FDI) impacts to identify opportunities. It reviews Indonesia's economic statistics and sectoral contributions to GDP. Interviews and previous FTA assessments inform the analysis to provide recommendations on negotiation items that support Indonesia's economic development goals through trade agreements.
This document provides economic indicators for India's Ninth, Tenth, and Eleventh Five-Year Plans, including GDP growth rates, industrial growth, agricultural growth, domestic saving and capital formation as percentages of GDP, fiscal deficits, inflation rates, export and import growth, current account balances, and debt service ratios. GDP growth was highest in the Tenth Plan at 9.6% on average. Industrial growth peaked at 12.2% in 2006-07 while agricultural growth was highest at 10.3% in 2002-03. Domestic saving and capital formation as a percentage of GDP generally increased over the three plan periods.
This investor presentation provides an overview of Bayer Group's financial performance and outlook. It discusses Bayer's market leading positions, new product pipeline, and growth in emerging markets. The presentation summarizes Bayer's record sales and earnings in 2011, consistent strong cash generation from 2007-2011, and financial outlook for 2012. It anticipates global economic and political risks remaining high in 2012 and continued growth being driven by Asian emerging markets.
1) The document discusses the investment opportunity in small cap stocks in India. It notes that small caps have outperformed other indices like Sensex and midcaps over the last 2 years.
2) Small caps still trade at lower valuations like P/E compared to large caps, despite examples provided of small caps growing to become large caps over time, creating significant wealth.
3) Success in small cap investing is dependent on strong stock selection in high growth sectors and companies with scalable business models and passionate management.
JBS reported its first quarter 2009 results. Net revenue increased 58.2% year-over-year to R$9.27 billion. Consolidated EBITDA grew 20.4% to R$211.5 million. Key highlights included sustained margins in the US beef business, improved performance in Brazil, and consolidation of a global production and distribution platform. Management remains focused on reducing debt and capturing synergies across the business.
International Seminar on Indonesia Economic Update Darma Persada University-Japan Sogo Kenkyu Forum at Jakarta, 13 September 2012
http://www.youtube.com/watch?v=c1tcuyqNVbI&feature=plcp
This investor handout provides an overview of Bayer's financial performance in Q1 2012 and outlook for 2012. Key points include:
- Sales and earnings grew in Q1 2012 compared to Q1 2011, with a 5% increase in sales and double-digit increases in EBIT and EPS.
- The outlook for 2012 projects further sales and earnings growth, with sales expected to increase around 3% and EBITDA and EPS expected to slightly improve.
- Bayer has mid-term targets through 2014 to increase sales and profitability across its business segments, focusing on innovation, growth, and productivity.
The document provides economic and trade indicators for The Bahamas from 2000-2010. It shows that the Bahamas' GDP grew between 2000-2008 but declined in 2009, while inflation has remained between 1-4.5% annually. The country runs a large current account deficit, between -11.2% to -18.9% of GDP. The top export partner is the US, while the top imports are from the US and include mineral fuels, vehicles, and electrical equipment. The trade deficit in goods widened over 2004-2008 but the services trade balance was positive.
Trinidad and Tobago has a population of 1.4 million people and an area of 5,128 square kilometers. Its GDP grew significantly between 2000 and 2008 but declined in 2009. Inflation has generally been between 3-12% annually while unemployment declined from 12% to 5% between 2000 and 2006. The country's main exports are mineral fuels, oils, and inorganic chemicals, with its top export market being the United States. Imports are led by vehicles, mineral fuels, and articles of iron or steel, primarily sourced from the United States, Colombia, and Russia. The largest services exports are travel and transportation while the top services imports are transportation and travel.
The document is a presentation from Centex Corporation at the 2008 UBS CEO Conference. It discusses Centex navigating the difficult housing market and preparing for the future. Specifically:
1) Centex is taking actions like reducing costs and debt in response to falling home sales and a challenging economic environment.
2) The company is focusing on improving margins and accumulating cash to strengthen its financial position.
3) Centex aims to emerge from the downturn with a competitive cost structure and the scale to gain market share as smaller homebuilders exit the industry.
This document discusses India's policy on foreign direct investment (FDI). It outlines the philosophy behind attracting long-term foreign capital to supplement domestic investment efforts. FDI is recognized as a key driver of economic growth. Large scale economic reforms have created an attractive investment destination in India. The document provides statistics on global and regional FDI trends. It highlights sectors targeted for FDI inflows and incentives provided. Key economic indicators of India that make it an ideal investment destination are also noted.
Localiza reported strong financial results for the first quarter of 2007, with net income increasing 53.4% compared to the first quarter of 2006. EBITDA from car rentals increased 14.9 million or 30% due to growth in revenue and margins. Overall market share increased to 20.5% as Localiza grew revenues at a rate 2.9 times faster than the overall car rental market between 2004-2006. Cash generation was robust at R$228.5 million after adjusting for a reduction in debt from automakers. Fleet size continued to grow significantly with a net investment of R$242 million and over 10,000 additional cars.
Global Financial Crisis And India12345678Jonty Mohta
The document discusses the global financial crisis and its impact on India. It begins by outlining the causes of the crisis, including subprime lending and lax regulation in advanced economies like the US. It then examines the worsening global economic outlook according to IMF forecasts. The document also analyzes the impact of the crisis on India, including reductions in capital flows, stock markets, exports, and foreign exchange reserves. It notes differences between the financial crisis in the US/Europe and in India. Finally, it outlines measures taken by the Reserve Bank of India in response to the crisis, such as expanding rupee liquidity and cutting interest rates.
The document provides an overview of Banco Santander's 2009 IFRS results on a pro forma basis. It discusses the macroeconomic environment in Brazil and the country's financial system. It then summarizes Santander's strategy, business performance, and financial results in 2009. Key highlights include net profit growth of 41% year-over-year to R$5.5 billion driven by revenue growth and cost control. Performance ratios like efficiency and ROE improved significantly. The balance sheet also strengthened with higher capital ratios.
The document provides an overview of Banco Santander's 2009 results. Key points include:
- Net profit grew 41% year-over-year to R$5.5 billion in 2009, driven by revenue growth and cost control.
- Performance ratios improved in 2009, with the efficiency ratio dropping to 35.0% and ROE increasing to 19.3%.
- The loan portfolio grew 1.7% to R$138.4 billion in 2009, with growth in individual loans and declines in SME and corporate loans.
- Deposits and assets under management grew 5.3% to R$242.1 billion in 2009, with increases in savings deposits and funds offsetting
The document summarizes key economic and social trends in Brazil. It notes that Brazil has achieved macroeconomic stability with low and stable inflation, reduced interest rates, and resilience during the global financial crisis. Unemployment is at historic lows. Social mobility and access to banking services are expanding due to favorable demographic shifts and programs like positive credit lists. The Brazilian financial system is well capitalized and profitable.
The document summarizes key economic and social trends in Brazil. It notes that Brazil has achieved macroeconomic stability with low and stable inflation, reduced interest rates, and resilience during the global financial crisis. Unemployment is at historic lows. Social mobility and access to banking services are expanding due to favorable demographic shifts and programs like positive credit lists. The Brazilian financial system is well capitalized and profitable.
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Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
Introduction to AI for Nonprofits with Tapp NetworkTechSoup
Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
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This presentation was provided by Steph Pollock of The American Psychological Association’s Journals Program, and Damita Snow, of The American Society of Civil Engineers (ASCE), for the initial session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session One: 'Setting Expectations: a DEIA Primer,' was held June 6, 2024.
বাংলাদেশের অর্থনৈতিক সমীক্ষা ২০২৪ [Bangladesh Economic Review 2024 Bangla.pdf] কম্পিউটার , ট্যাব ও স্মার্ট ফোন ভার্সন সহ সম্পূর্ণ বাংলা ই-বুক বা pdf বই " সুচিপত্র ...বুকমার্ক মেনু 🔖 ও হাইপার লিংক মেনু 📝👆 যুক্ত ..
আমাদের সবার জন্য খুব খুব গুরুত্বপূর্ণ একটি বই ..বিসিএস, ব্যাংক, ইউনিভার্সিটি ভর্তি ও যে কোন প্রতিযোগিতা মূলক পরীক্ষার জন্য এর খুব ইম্পরট্যান্ট একটি বিষয় ...তাছাড়া বাংলাদেশের সাম্প্রতিক যে কোন ডাটা বা তথ্য এই বইতে পাবেন ...
তাই একজন নাগরিক হিসাবে এই তথ্য গুলো আপনার জানা প্রয়োজন ...।
বিসিএস ও ব্যাংক এর লিখিত পরীক্ষা ...+এছাড়া মাধ্যমিক ও উচ্চমাধ্যমিকের স্টুডেন্টদের জন্য অনেক কাজে আসবে ...
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...PECB
Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
Certified as an ISO/IEC 27001: Information Security Management Systems (ISMS) Lead Implementer, Data Protection Officer, and Cyber Risks Analyst, Denis brings a heightened focus on data security, privacy, and cyber resilience to every endeavor.
His expertise extends across a diverse spectrum of reporting, database, and web development applications, underpinned by an exceptional grasp of data storage and virtualization technologies. His proficiency in application testing, database administration, and data cleansing ensures seamless execution of complex projects.
What sets Denis apart is his comprehensive understanding of Business and Systems Analysis technologies, honed through involvement in all phases of the Software Development Lifecycle (SDLC). From meticulous requirements gathering to precise analysis, innovative design, rigorous development, thorough testing, and successful implementation, he has consistently delivered exceptional results.
Throughout his career, he has taken on multifaceted roles, from leading technical project management teams to owning solutions that drive operational excellence. His conscientious and proactive approach is unwavering, whether he is working independently or collaboratively within a team. His ability to connect with colleagues on a personal level underscores his commitment to fostering a harmonious and productive workplace environment.
Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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This presentation includes basic of PCOS their pathology and treatment and also Ayurveda correlation of PCOS and Ayurvedic line of treatment mentioned in classics.
How to Fix the Import Error in the Odoo 17Celine George
An import error occurs when a program fails to import a module or library, disrupting its execution. In languages like Python, this issue arises when the specified module cannot be found or accessed, hindering the program's functionality. Resolving import errors is crucial for maintaining smooth software operation and uninterrupted development processes.
How to Build a Module in Odoo 17 Using the Scaffold MethodCeline George
Odoo provides an option for creating a module by using a single line command. By using this command the user can make a whole structure of a module. It is very easy for a beginner to make a module. There is no need to make each file manually. This slide will show how to create a module using the scaffold method.
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Physiology and chemistry of skin and pigmentation, hairs, scalp, lips and nail, Cleansing cream, Lotions, Face powders, Face packs, Lipsticks, Bath products, soaps and baby product,
Preparation and standardization of the following : Tonic, Bleaches, Dentifrices and Mouth washes & Tooth Pastes, Cosmetics for Nails.
Assessment and Planning in Educational technology.pptxKavitha Krishnan
In an education system, it is understood that assessment is only for the students, but on the other hand, the Assessment of teachers is also an important aspect of the education system that ensures teachers are providing high-quality instruction to students. The assessment process can be used to provide feedback and support for professional development, to inform decisions about teacher retention or promotion, or to evaluate teacher effectiveness for accountability purposes.
This slide is special for master students (MIBS & MIFB) in UUM. Also useful for readers who are interested in the topic of contemporary Islamic banking.
RPMS TEMPLATE FOR SCHOOL YEAR 2023-2024 FOR TEACHER 1 TO TEACHER 3
Byongwon Bahk Slideshow Presentation
1. Overcoming the Global Financial Crisis
- Korea ’s Experience -
January 11, 2010
Byongwon Bark 1
2. Ⅰ. Current Status of the Korean Economy
Korea’s Resilience
Ⅱ. amidst the Global Economic Crisis
Ⅲ. Economic Policy Direction for the Future
Byongwon Bark 2
3. I. Current Status of the Korean Economy
II. Korea’s Resilience amidst the Global Crisis
III. Korean Economic Policy Directions
Byongwon Bark 3
4. GDP Growth Comparison by Country
GDP Growth Rates (YoY, %)
Asian Financial Crisis Global Financial Crisis
15
10
5
0
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 1Q09 2Q09 3Q09
(5)
V-Shaped Economic Recovery
(10)
Korea US Japan Taiwan China
Source: Bloomberg
Byongwon Bark 4
5. Where Korea Stands : GDP Growth, Export Growth
GDP Growth Rates Trend Export Growth
(%) (YoY %)
8
35.6
27.7
6 30
16.4 18.1
4 2.6
3.2
7.8
3.1
10
2
0.2 0.1 0.9 (9.0)8.5)
(
0 (19.5)
-10 (18.5) (19.9) (12.6) (21.0)
(17.9) (22.5) (21.9)
-2 -3.4
-2.2 (29.4)
(34.5)
-4 -30
-4.2
-6 -5.1
1Q.07 3Q 1Q.08 3Q 1Q.09 3Q -50
08-Jan 08-Sep 08-Dec 09-Mar 09-Jun 09-Sep
Korea Japan Taiwan Singapore
Source: Bank of Korea, as of Sep 2009.
Byongwon Bark 5
6. Where Korea Stands : Employment, Inflation
Employment Trend Inflation Rates
(YoY ,Ten thousand) (YoY, %)
300 8
(
200
6
100
0 4
-100
2
-200
-300
0
JULY.08 NOV.08 MAR.09 JULY.09 NOV.09
-400 Employment exclude public sector
-2
-500
08JAN Apr Jul Oct 09.JAN Apr Jul Nov
Consumer infltion Core inflation
Source: Bank of Korea, as of Sep 2009.
Byongwon Bark 6
7. Where Korea Stands : Stock Market, Bond Interest
STOCK, RATE
Stock Market Interest Rate Trend
(%) (%)
120 1,682.8
14
10,428.1
12
10,546.4
100 3,277.1
10
80
8
6
60
4
40 2
0
20
JAN.07 JULY.07 JAN.08 JULY.08 JAN.09 JULY.09
0 Government (3years) Corporate(AA,3years)
08JAN Apr Jul Oct 09.JAN Apr Jul Oct Dec
Corporate(BBB,3years)
US Korea China Japan
Byongwon Bark 7
8. Where Korea Stands : Capital Market
Exchange Rate KOSPI and CDS
KOSPI Index CDS (bps)
1,700
1,600 1,800 500
1,700 450
1,500
1,600 400
1,400
1,500 350
1,300 1,400 300
1,200
1,300 250
1,200 200
1,100
1,100 150
1,000
1,000 100
900 900 50
800 0
800 KOSPI CDS- KOR
JAN.08 JUNE.08 JAN.09 JUNE.09 DEC.09
MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
W/$ Won/100Yen
CDS-ROK : CDO of 5yr Korea Government Bond
Byongwon Bark 8
10. <Appendix> Dramatic Improvement in Economy since Lehman
Collapse
Changes
Aug. 2008 Dec. 2008 DEC. 2009
since Dec. 08
KOSPI3 1,474 1,124 1,686 +50.0%
KRW/USD Ratio3 1,089 1,259 1,168 (7.6)%
Consumer Price 5.6% 4.1% 2.8% (31.7)%
BIS Ratio1 11.36% 12.31% 14.07%2 +14.3%
Foreign Currency Reserves USD 243bn USD 201bn USD271bn +34.8%
CDS Premium 116 bps 316 bps 86 bps (72.8)%
1 As of quarter-end
2 As of June 2009
3 As of 31 Decenber
Byongwon Bark 10
- 10 -
11. Assessing Economic Recovery (1)
Contribution by Domestic Demand and Contribution by Government and Private
Net Export Sector
(YoY, %) (YoY, %)
8
8
6 5.3 5.3 6
4.1
4 4
1.7 1.0
2 1.6 5.3 1.9 1.9 1.3
2 3.8 0.6
0 1.1 2.5
0.3 - 1.5 - 0.1
-2 0
0.2 0.5
-4 0.6 - 0.4
- 3.5 - 3.4 - 5.4 -2 -4 - 4.1
-6 - 6.1
- 5.7 - 7.4 -4
-8
-10 -6
1Q07 3Q07 1Q08 3Q08 1Q09 3Q09
-8
Domestic Demand(ex cept inventor y) 1Q.08 2Q.08 3Q.08 4Q.08 1Q.09 2Q.09 3Q.09
Inventor y
Net ex por t
Government Private
Source: Bank of Korea, as of Sep 2009. Source: Bank of Korea, as of Sep 2009.
Byongwon Bark 11
12. Assessing Economic Recovery (2)
Relatively Fast Recovery of Domestic Demand in Second Half
Domestic demand picked up quickly, as economic conditions improved amid financial
market & price stabilization.
* The GDI plummeted in the fourth quarter of 2008 due to oil price hikes, but as terms of trade improved recently ,
the growth rate of GDI exceeded that of GDP.
Private consumption and facilities investment have been significantly contributing to
GDP growth since the second quarter.
GDP/GDI TREND
(YoY, %)
8.0
6.0 5.4 5.9 5.7 5.5
5.3 4.9
4.0 4.5
4.2 4.3 3.9
3.7 3.1
2.0 2.4 2.0
0.9
0.0 0.2
- 2.0 - 2.6 - 2.2
- 4.0 - 3.4
- 4.2
4.4
- 6.0 - 6.2
- 8.0
1Q07 3Q07 1Q08 3Q08 1Q09 3Q09
GDP GDI
Source: Bank of Korea, as of Sep 2009.
Byongwon Bark 12
13. I. Recent Macroeconomic Developments
II. Korea’s Resilience amidst the Global Crisis
III. Korean Economic Policy Directions
Byongwon Bark 13
14. Reasons Behind Korea’s Fast Recovery
Fast Recovery
Relatively Sound Banking and Swift Fiscal and Financial
Corporate Sector Policy Responses
Enhanced corporate management after the Efforts to Stabilize the F/X Market
Asian Financial Crisis(1997)
Proactive financial measures
- Improved financial soundness (debt ratio,
interest coverage ratio) − Lowering policy rates
- High rebound in export (LCD, auto) − Provision of Won liquidity
Relatively sound banking sector compared to − Corporate restructuring
other country (BIS, NPL ratio) and prevent − Bank Recapitalization
real estate failure Stimulus package: 4.9% of GDP (08-09)
Relatively strong fiscal soundness Fiscal expansion, Tax cuts
Strengthening corporate Minimize GDP contraction and
fundamentals Return economy to pre-crisis levels
Byongwon Bark 14
15. Corporate Sector (1) : Improved Financial
Structure
Corporate Financial Soundness
Equity to Total Asset Ratio Debt to Equity Ratio
Korea US Germany Japan Korea US Germany Japan
(07) (07) (05) (07) (07) (07) (05) (07)
46 44 34 30 116 127 191 232
Continuous Decline on Debt Ratio Interest Coverage Ratio
(%)
425 (%)
450
600
400
336 336 483 460
350 500
Asian Crisis 414
300 363
235 221 400 351
250 322
196 264
200 300 Asian Crisis
145 131
150 114 111 105 116 131 200 141 146
100 107 115
100 64 71
50
0 0
19961997 19981999 20002001 2002 20032004 20052006 20072008 19961997 19981999 20002001 2002 20032004 20052006 20072008
Source: FSS Source: FSS
Byongwon Bark 15
16. Corporate Sector (2) : Export Competitiveness
Technological Competitiveness Index of Major Export Products (World’s Top 100 Companies)
Semiconductor Cellular Phone LCD Ship Steel
100.4 96.3 96.1 95.5 95.4
Diversified Export Markets (2008) Diversified Export Items (2008)
Semiconductor
Others China 7.8% Chemicals
20.8% 21.7% 8.9%
Others
35.3%
Automobile
Middle East
8.3%
6.3% Mobile
EU
Central & Communicatio
13.9%
South America n
7.9% Textile 8.5%
Flat Panel
Japan 3.2%
North America
Computer 3% Display
6.7% ASEAN
11.0% AutopartsSteel 7.1% Shipbuilding 4.4%
11.7% 3.3% 10.2%
Byongwon Bark 16
17. Banking Sector (1) : Improved Soundness
Soundness of Bank Loans
NPL by Country NPL Coverage Ratio by Country
Korea US Hong Kong Taiwan Korea US Hong Kong Taiwan
1.1% 1.7% 1.2% 1.5% 147% 89% 82% 67%
* As of December 2008
NPL Ratio BIS ratio
15 13.6 16
14.6
14 12.4
14.3
12.3
8.8 12.7
10 7.4 12
Asian Crisis 10.8 10.8 11.3 12
6.0
10 10.5
10.5 10.5
3.3 9.1
5 2.4 2.7 8.2
1.9 8
1.3 0.9 0.7 1.1 1.6 Asian Crisis
7
6
0
4
1996 1998 2000 2002 2004 2006 2008 3Q09
1997 1999 2001 2003 2005 2007 ‘09.6
Source: FSS Source: FSS
Byongwon Bark 17
18. Banking Sector (2) : Preventing Real Estate Bubbles
Real Estate
The LTV ratio in the US & UK is around 70~80%, whereas the ratio in Korea is
around 47%.(banking sector, March 09)
Exemption of capital gain tax for unsold houses in non-Seoul regions and
comprehensive real estate tax exemption for assets owned by real estate funds
Housing Price Declines in Major Countries Housing Price Index of Major Countries
0
US A UK CHN KO R
120
- 2.17%
- 10
- 12.6%
100
- 20
- 19.6% 80
- 30 60
1 23 4 56 7
- 32.5%
2006 2007 2008 2009
- 40
USA UK CHN KOR
Source: S&P Case-Shiller index, National wide Index Source: FSS △ highest point, ■ lowest point
Byongwon Bark 18
19. Government Sector : Maintaining Fiscal Soundness
Government Finance
Maintaining a surplus in the consolidated fiscal balance and keeping the
government debt ratio in the 30% range
- This will lay the foundations for active fiscal policies amid the recent crisis.
Consolidated Fiscal Balance (% of GDP) Public Debt
3.5% 250%
4% 217.2%
G20 average : 72.5%
3% 200%
2% 1.0% 1.2%
150%
1% 0.6% 0.4% 0.4%
87.0%
0% 100%
74.9% 62.7%
(1)% 50% 35.6%
(2)%
0%
(3)% (2.3)%
KOR JAN USA FRC UK
2003 2004 2005 2006 2007 2008 2009
Reference: OECD Economic Outlook (June 2009)
E: Estimates (0.6% when excluding supplementary budget) 32.6% for Korea, when excluding supplementary budget
Byongwon Bark 19
20. How Korea Affected by the Recent Financial Crisis
Expansion Channels
Financial Channels : Instability in advanced countries’ financial markets (Fund
Redemption) → Withdrawal of investment from Korean market → Decline in stock
prices, rise in foreign exchange demand → Upsurge in exchange rates and CDS →
Credit crunch in the Korean financial market
Export Channels : Lower consumption in advanced countries → Reduced exports →
Reduced production
Foreign Net Buying of Listed Bonds Foreign Net Buying of Stocks
* Trillion Won * Trillion Won
12 8
10 6
4
8
2
6 0
4 -2
2 -4
-6
0
-8
-2 Jan08 May08 Sep08 Jan09 May09 Sep09 -10
-4 Jan08 May08 Sep08 Jan09 May09 Sep09
-6
Foreign net buying of listed bonds in 4th quarter of 2008 : Foreign net buying of stocks in second half of 2008 :
-5.3 trillion won -20.7 trillion won
Byongwon Bark 20
21. How Korea Affected by the Recent Financial Crisis
Balance of Capital account Exchange Rate & CDS Premium
100 1700 800
50 700
0 1500 600
-50 Jan08 May 08 Sep08 Jan09 May 09 Sep09 500
-100 1300 400
-150 300
-200 1100 200
-250 100
-300 900 0
Jan08 Sep Mar Nov0
* Hundred million $ KRW/US$
KRW/ US$ CDS premiun CDS
Stock Price Index Export Growth to G3 Region
2,000 700
650 40
1,800
600 30
1,600 550 20
1,400 500 10
450 0
1,200 400 - 10
1,000 350 - 20
300 - 30
800
250 - 40
600 200 - 50
Jan08 May08 Sep08 Jan09 May09 Sep09 Jan08 May 08 Sep08 Jan09 May 09 Sep09
KOSPI KOSDAK USA JPN EU
Index at the end of each month
Byongwon Bark 21
22. Swift Policy Responses : FX Market Stabilization Measures
Resolute actions to supply foreign currency liquidity was possible by the
sufficient foreign exchange reserves and the currency swap with the US.
Addressing F/X Market Uncertainties Monthly changes in foreign exchange reserves
(USD100 mil) (USD100 mil)
Liquidity Provision
- Direct FX liquidity provision : USD55bn
2900 200
Government Guarantee
2700
- Borrowings of banks up to USD 100bn 100
2500
Currency Swap Line
- USD90bn with US, China and Japan 2300 0
2100 (100)
Increasing FX Stabilization Fund
- Issuing USD3bn Global Bond 1900
(200)
Chiang Mai Initiative
1700
- Creating reserve pool of USD 120bn 1500 (300)
(To be implemented in March 2010) Jan08 May08 Sep08 Jan09 May09 Sep09
Byongwon Bark 22
23. <Appendix> Improving Access to FX Liquidity
Coupon (%)
9.5
POSCO
Hana Bank was the sole bank to utilize the
8.5
KOGAS government guaranteed funding program
KEXIM KEXIM
KDB KB Woori Bank
ROK
7.5 Issuance
Woori
IBK KHNP
Hana HyunDAI Capital
6.5 Suhyup
KDB
KB
ROK 5yr KEPCO
Korea National KHC
A2/A Housing
5.5 T+400.0 Corporation
Shinhan
KNOC
NACF
4.5
Dec-08 Feb-09 Apr-09 May-09 Jul-09 Sep-09 NOV-09
Korea Global Bond Issued in 2009YTD:
USD20.1 bn
* Size of the bubble represents relative size of the bond.
* Total Issuance Volume of US$18.6 bn, as of September 23, 2009
Byongwon Bark 23
24. Swift Policy Responses : Financial Market Stabilization
Lowering interest rates, and mobilized various means to inject liquidity
into the market, targeting where the credit crunch is most serious.
Policy Rates in Major Economies Proactive Financial Measures
(%) After the collapse of the Lehman
6 Brothers (08.9.15), policy rates were
lowered by 325bs. (5.25% → 2.00%)
UK
5 4.50%p Improving capital adequacy of Banks
- Bank Recapitalization Fund : KRW20 tn
Korea
4 3.25%p - As of Nov 2009, KRW4 tn has been provided
Euro zone
3.00%p Corporate restructuring funds to
3 purchase insolvent bonds
- KRW40 tn operated by KAMCO
- As of Nov 2009, KRW0.8 tn has been provided.
2
US
1.87%p Bond Market Stabilization Fund (Of KRW10
1 tn, KRW4.1 tn has been executed)
Japan
0.40%p
0 Corporate Bank P-CBO
FI bonds Total
bonds bonds ABCP
Korea US Euro UK Japan
Invested
* Source : Each Respective Central Bank amount
11,993 4,329 5,500 19,253 41,075
Byongwon Bark 24
25. Swift Policy Responses : Financial Market Stabilization
Stabilizing Market & Address Credit Crunch
M1Monthly Balances Proactive Financial Measures
(조원
390 )
Provision of won liquidity (KRW 27 tn)
through open market operations such as
370 BOK’s purchase of RP and treasury bonds
350
SME Support
- Increased guarantee through Kodit and Kibo
(year on year KRW22.5 tn increase)
330
- Roll-over SME loans maturing in 09
(KRW160 tn)
310
- Prompt supply of funds through a Fast Track
SME liquidity provision program (KRW21.7 tn)
290
Tax incentives to activate funds
270 - long-term stock funds : income tax credit
for payments and exemption of dividend
250 income tax
Jan08 May08 Sep08 Jan09 May09 Sep09 - long-term bond funds : exemption of
dividend income tax
* Source : Central Bank
Byongwon Bark 25
26. Swift Policy Responses : Export Support Measures
Support for exporting SMEs with foreign currency liquidity supply and
increase of export insurance
Daily Average Export Growth Measures to Support Export
(USD100 mil)
(%) Supply of foreign currency liquidity to
20 50
exporting & importing companies
18 40
16
- USD10 bn of export bill loans
30
14 - USD11 bn of export bill rediscounts
20
12
10
Increased export insurance
10 - Export insurance
0
8 (KRW130 tn, 08) →(KRW170 tn, 09)
-10
6
-20 Reducing protectionism in trade through
4
international policy coordination such as
2 -30
the G20
0 -40
- At the G20 Summit in April 2009,
summits promised to work together to keep
Jan08 May08 Sep08 Jan09 May09 Sep09
Export per day Rate of increase a standstill against protectionist
movements
* Source : Each Respective Central Bank
Byongwon Bark 26
27. Swift Policy Responses : Boosting Demand by Public Exp.
Tax Cut & Public Spending amounting to 6.9% of GDP from 2008 to 2010
Tax cuts for economic recovery and job creation (2008∼2010) : KRW29.6 tn
- deductions for personal and corporate income taxes (KRW20.1 tn), policies for addressing
high oil prices and provision of temporary tax credit (KRW9.5 tn)
Increased fiscal spending (2008~2010) : KRW40.9 tn
- A supplementary budget to address high oil prices, and amended budget to address
economic crisis (2008) : KRW16 tn
- supplementary budget to create jobs and support working class (April 2009) : KRW17.2 tn
More than 60% executed in first half. Of the budget allocated for 4th quarter, KRW13.6 tn
was frontloaded in the 3rd quarter.
Tax Cuts Public Spending Total (% of GDP)
2008-2009* KRW 16.4 Tn KRW 33.2 Tn KRW 49.6 Tn (4.9%)
2010 KRW 13.2 Tn KRW 7.7 Tn KRW 20.9 Tn (2.0%)
* 64.8% of Total Expenditure to be Disposed in 1H 2009 KRW 70.5 Tn (6.9%)
Byongwon Bark 27
28. <Appendix> Details of Tax Policies
Oil price refund for workers and self-employed KRW3.5 tn
Tax credits to address
Heating oil consumption tax cuts during winter KRW0.1 tn
high oil prices (June 08)
Oil price subsidies for public transportation and logistics KRW1.5 tn
Tax credits to overcome global
financial crisis Income tax credit and tax exemption for long-term funds KRW1.3 tn
(Oct. 08)
Corporate tax cuts KRW9.0 tn
Income tax cuts KRW3.6 tn
Tax credits to support working
class and create jobs (Dec. 08) Comprehensive property tax cuts and adjustment of
KRW1.5 tn
assessment standards
EITC for more people KRW4.7 tn
Increase of temporarily granted investment credit KRW3.0 tn
Tax credits to stimulate
Treasury bond interest income tax exemption for foreigners KRW0.1 tn
economic recovery (April 09)
Income tax credit for employees of job-sharing companies KRW1.3 tn
Tax credits for automobile
Consumption tax cuts for trading old car for new one -
industry (June 09)
* 08년 정기국회, 09년 임시국회에서 추진
Byongwon Bark 28
29. <Appendix> Details of Fiscal Spending
Oil price subsidies for low income class & KRW2.4 tn
increased public transportation
2008 Supplementary budget
Support for farmers, fishermen, and retail dealers KRW0.4 tn
(KRW4.6 tn)
Energy conservation and securing foreign resources KRW1.8 tn
Invigorating regional economies through SOC expansion KRW4.6 tn
Support for regional SMEs, self-employed and farmers & KRW3.4 tn
fishermen
2008 Amended budget
Improving welfare for low income class KRW1.0 tn
(KRW10 tn)
Support for unemployed KRW0.3 tn
Increasing regional financial support KRW1.1 tn
2008 FI contribution (KRW1.4 Additional contributions to credit guarantee funds and KRW1.4 tn
tn) technology credit guarantee funds
Support for low income class KRW4.2 tn
Maintaining jobs & increasing employment opportunities KRW3.5 tn
2009 Supplementary budget
Support for SMEs and self-employed KRW4.5 tn
(KRW17.2 tn)
Invigorating regional economies KRW3.0 tn
Investing in green growth KRW2.0 tn
* 64.8% of Total Expenditure to be Disposed in 1H 2009
Byongwon Bark 29
30. <Appendix> Comparison of Fiscal Expansion (2008~2009)
(% to GDP) Fiscal spending
6.1
Tax credits
6
5.6
5 4.7
2.8
2.8 0.5
4
3.2
3
1.9 2.0
2
4.2
3.2
1.5 0.7 2.4 1.1
1
1.5
0.2
0.4 0.5 0.9
KOR UK FRC USA JPN OECD Average
Reference : OECD
Economic Outlook( June 2009)
Byongwon Bark 30
31. Swift Policy Responses : Job Creation/Working Class
Job Creation & Job Sharing: Enhancing Job Safety for Underprivileged Class
Including the Youth, Women and the Elderly
Hope work project & youth internship program for SMEs and public sector
Nurturing global youth leaders and future industries leaders (100,000 persons)
Increasing job sharing in private sector through more support for job maintenance and greater tax
credits
Stronger education & training programs linking job counseling, training and job brokerage
Support for Working Class : Support for Low Income Class and Self-employed
Establishment of policies worth KRW10 tn to address high oil prices, such as oil price refunds
(June 2008)
Support for low income class through supplementary budget including temporary relief and
increased emergency welfare
Increased educational welfare through more college scholarships and student loan interest
deductions
Byongwon Bark 31
32. <Appendix> International Community’s Assessment
Fitch Raised Korea’s credit rating outlook from ‘negative’ to ‘stable’ (Sep 2)
Raised Korea’s credit rating outlook from ‘negative’ to ‘stable’ (Sep 2)
Pre-emptive supplementary budget and other efforts of government to tackle crisis,
and improved macroeconomic indicators & foreign currency liquidity were praised.
Washington Post “Korean economy is Sweet Spot for investors.” (Sep 6)
Korean economy is Sweet Spot for investors.” (Sep 6)
“Less than a year later, that swoon is so over. Asia‘s fourth largest economy has
suddenly got its swagger back.”
OECD Projects Korea‘s economic growth in 2010 to be highest among OECD members (June)
Projects Korea‘s economic growth in 2010 to be highest among OECD members (June)
The Korean economy hit the bottom as a result of aggressive fiscal policies, and is
expected to fully recover after this year. (June 24, 2009 OECD Economic Outlook)
* Growth Outlook for Korean Economy: ’09년 △2.2% → ’10년 3.5%
Byongwon Bark 32
33. I. Recent Macroeconomic Developments
II. Korea’s Resilience amidst the Global Crisis
III. Korean Economic Policy Directions
Byongwon Bark 33
34. Challenges Facing the Korean Economy
(1) Diminishing economic
vitality 우리나라 GDP성장률 추이(%)
Korean GDP Growth Rate Trend(%)
Due to sluggish investments and low
fertility and a fast ageing population,
growth rate to gradually decrease
Developing new growth engines, but their
performance not satisfactory
(2) High external dependency
External Dependency
150
127
130
Domestic economy : very vulnerable 110 92
to external shocks due to the weak 90 75
58
domestic demand (e.g. service 70
50
industry) 30
30 24
10
-10
TAW KOR DEU CHN JPN USA
Byongwon Bark 34
35. Challenges Facing the Korean Economy
(3) Weakening base for job creation Services to GDP Ratio (‘06)
OECD Avg. = 71% Korea = 58%
80%
Underdevelopment of the services 70%
sector and the weakness in the
60%
intermediary industry
50%
→ Weakness in the link between growth
40%
and employment F
R S
U
K
U I
T
G
E
J
P S
E C
A O
K
N A A R N P N R
◆ Structural problems in the service sector
Excessive competition : Small self-employed businesses • Excessive
numbers entering
including wholesale, retail, restaurants, accommodations the industry
- (Taxi): Per 1,000 people (Seoul)7.0, (Tokyo)4.3, (New York)1.5 • Low profit margin,
poor treatment
- (Restaurant) : Per 1,000 people (KOR)12.7, (JPN)7.1, (US)2.4 • Social instability
High entry-barrier: professional services including • Restricted entry
legal, medical, accounting, financial, and education • Excessive profits
- (Lawyers) : Per 1,000 people (KOR)0.17, (JPN)0.19, (US)3.73 • Discontent among
- (Accountants) : Per 1,000 people (KOR)0.25, (JPN)0.63, (US)1.12 clients
Byongwon Bark 35
36. Challenges Facing the Korean Economy
(4) Future threat (e.g. low fertility rate/rapid ageing and climate change)
Reduced labor population is expected to lead to lower growth rate
* One of the lowest total birth rate, fastest ageing society
* Fertility rate : (96) 1.6 (00) 1.14 (03) 1.18 (05) 1.08 (06) 1.12 (07) 1.25 (08) 1.19
Increased competition for resources, tighter regulations for energy use due
to climate changes are expected
Population Trend (million people) Energy Consumption by Region
(Million bbl/day)
60
2018 120 108
50 the others
china, india, middle east
65 year s ol d 100 advanced 83
40 0- 14 year s ol d 32
80
30 2016
63 23
60 33
20 18
20
15- 64 year s ol d 40 4
10 20 42 43
38
0 0
1970 1990 2010 2030 2050 1980 2006 2020
Byongwon Bark 36
37. Challenges facing the Korean Economy
(5) Social and economic dual structure
정규직-비정규직/수출-내수기업 비교
Comparisons of Regular/Temporary
Widening gap Worker and Export/Domestic Business
200
250
between Regular - Temporary workers, 220 180
160
200 144
Conglomerates – SMEs and 150
140
120
120
Export - Domestic Business 100
100
80
65
60
Shrinking middle-class and obstacle to 50 40
20
0 0
social integration R egular Tem porary Exp o rt Do mes ti c
Value added per worker
wage (Manufacturing industry,
(Ten thousand won, 8. 09) million won, 08)
(6) Immaturity of social consciousness and practices
Legal Observation and Economic Growth (KDI)
Disregard for law & order and authorities,
backward labor-management relations → KOR
undermining national competitiveness Growth Rate
Insufficient social capital, a prerequisite
for an advanced nation
* If the level of observance of law & order is raised to
that of OECD average, 1% point increase in growth is
expected (KDI, ‘07)
Legal-Order Index
Byongwon Bark 37
38. Policy Directions for a Leap Forward
<Successfully Overcoming the Crisis>
Consolidation of Stabilizing Livelihood of
Job Creation
Economic Recovery the Common People
< Expanding Growth Foundation>
Successful Hosting of the
G20 and Enhancing Green Growth &
Preparing for the Future
Korea’s Global Standing Energy Conservation
“2010 : Beyond the Crisis,
Towards an Advanced Country”
Byongwon Bark 38
39. Ⅲ. Korea Economic Policy Directions
1. Consolidation of Economic Recovery
2. Job Creation
3. Stabilizing the Livelihood of the Common people
4. Green Growth and Energy Conservation
5. Successful Hosting of the G20 and Enhancing Korea’s
Global Standing
6. Preparing for the Future
Byongwon Bark 39
40. Consolidation of Economic Recovery
(1)
(1) Maintaining expansionary policies
Keep up expansionary macroeconomic policies for the time being
- Frontloading fiscal expenditure (60% in the first half)
- Reduce the size of the fiscal deficit gradually (-2.9% of 2010 GDP) to reach a
balance in 2013 or 2014
Unwind exceptional/temporary measures, and prepare supplementary
measures to avoid unexpected shocks
- Credit guarantee : Delay maturity until the first half of 2010
- Guarantee for banks’ debt in foreign currency: to be expired at the end of 2009
(2) Addressing risk factors in economy
(Economic structure) Transform the current export-led economy
by boosting up domestic demand, especially in services
(Household, Firms) Ensure stable debt management to stem potential issues
of insolvency
(Public institutions) Enhance productivity and pursue cost effectiveness
through management reform
- Lead the way in improving labor relations, reform irrational welfare policies
(Competitiveness report) Analyze strengths and weaknesses of the Korean
economy and propose response measures
Byongwon Bark 40
41. Consolidation of Economic Recovery (2)
(3) Enhance crisis management capability
(Financial sector) Improve prudential regulations, reflecting international discussion,
such as in the G20
(Foreign currency sector) Enhance soundness in the foreign currency market through
measures such as short-term foreign debt management
(Early warning system) Strengthen crisis-related supervision and coordination
capabilities across ministries
(4) Improving the industry fundamental
(SME) Select prospective R&D tasks (350) suitable for SMEs and support its
development and sales
(Venture) Promote venture investment fund (3.5 trillion won by 2012), deregulate M&A
related measures
(IT) Support for next generation technology development in such as AMOLED system
semi-conductors
(Agricultural) Transform agriculture a competitiveness-conscious business
(Parts · material industry) Support R&D for 20 parts and materials that are expected to
rise in demand
Byongwon Bark 41
42. Ⅲ. Korea Economic Policy Directions
1. Consolidation of Economic Recovery
2. Job Creation
3. Stabilizing the Livelihood of the Common people
4. Green Growth and Energy Conservation
5. Successful Hosting of the G20 and Enhancing Korea’s
Global Standing
6. Preparing for the Future
Byongwon Bark 42
43. Job Creation (1)
Recent Trends
Decelerate the employment downturn through the Hope Employment Project and
Job Sharing
- Job market is in a better condition when compared to other nations
Difficult to improve the employment conditions in a short time
- Employment market recovers slower than the overall economy and the effects of
short-term employment policies appear gradually weakening
In particular, difficulties in youth · irregular workforce · self-employed labor market
would likely continue for a while
* Employment increase (YoY, October 2009) : (Permanent) +490,000, (Temporary) -250,000,
(Self-employed) -270,000
Financial Crisis and Changes
in Employment Figures Unemployment Rates (October 2009)
700
30
(thousand people, YOY) (%)
25 Unemployment rate
200
20 Youth unemployment rate
-300 7 9 11 1 3 5 7 9 11 15
-800 10
5
-1300 Asian financial crisis(97.7-98.12) 0
Global financial crisis(08.7-09.12)
-1800 USA FRC DEU JPN KOR
Byongwon Bark 43
44. Job Creation (2)
Strategies for job creation
Consolidate national efforts by the “National Employment Strategy Council”
Continue government support through fiscal projects
- Hope Employment Project, Affordable Housing for the Low-Income Class, 4-River Project,
Stimulate small venture businesses
- Private investment is also expected to recover gradually (Korean Development Bank, 2010
Facility Investment Research: 12.2% increase on 2009)
Promote structural and fundamental measures to advance the services industry,
enhance labor flexibility, facilitate investment, and induce FDIs
(1) Establish the National Employment Strategy Council
Operate the “National Employment Strategy Council” on a sun set basis,
to be chaired by the President and with participation from a broad spectrum of
experts in education, labor, industry and welfare
- As part of the Emergency Economy Council, to be held at least once each month
Prepare short and long term counterplans by all areas related to job creation
- Fiscal support for job-related areas, Advancement of the Services Industry, Labor Market
Structural Reform, Industry-University Partnership and Improving the Education System
Byongwon Bark 44
45. Job Creation (3)
(2) Advancement of the services industry
Deregulation in high value-added service industries such as medical, education, tourism
- Efforts to quickly introduce measures for open-investment medical facilities
Swiftly conclude and announce plans to advance the professional services market and
follow-up measures
※ If professional service market is expanded to be on par with an advanced economies,
94,000~268,000 high value-added jobs will be created for young generations
Prepare plans to grow service industries with high job creation effects, such as social
services, media, and contents industry
Growth Rate of
jobs per billion won Manufacturing and Service Industry (%)
35
30 14 12.6
30
12
25 22
10 8.9
19 8.2 7.9
20 18 7.6
8 6.6
15 13
6 3.9 3.9
9
10 4
5 2
0 0
85~90 90~95 95~00 00~05
95 00 07
M act ur e
anuf Ser vi ce Manufacture Service
Byongwon Bark 45
46. < Appendix > Importance of the Services Industry
Weakening growth
(Potential Growth rate
in the 4% range) High external
dependency
(Exports+Imports/GDP=
Low employment, Services Industry 92%)
Youth unemployment
(Youth unemployment in 70% of employment, 60% of GDP
the 7% range) Productivity is half that of
advanced nations
Chronic service
Low productivity in account deficit
domestic demand industries (annually around
(VAT per person for a domestic $20billion deficit)
demand-oriented company
: 45% of an export company)
In services industry, deregulation and opening markets to enhance
competition are key policy directions
Not merely a matter of ‘cost’, but fixing the problem requires “decisive action”
Byongwon Bark 46
47. < Appendix> What’s Wrong with Services?
Services are still reluctant to try to induce FDIs to compensate
factors of productivity lacking in them
Services still refuse to open the market, even domestically
Services did and do not attempt to export or to move abroad
Services have not been exposed to competition from abroad
Trade Specialized Index of Service industry Relative Competitiveness Advantage
0.3 Index of Service Industry
3
0.2
2.5
0.1
2
0
1980 1990 2000 2005 1.5
-0.1
-0.06 -0.04 0.74
-0.13 1
-0.2 -0.13 0.74
0.5 0.66 0.72
-0.3
-0.4 0
1980 1990 2000 2005
KOR USA UK JPN KOR USA UK JPN
TSI index : if TSI > 0 export specialized, TSI < 0 import specialized RCA index : if RCA > 1 relative superior, RCA < 1 relative inferior
Byongwon Bark 47
48. Job Creation (4)
(3) More flexible labor market
Plural union is going to be permitted in July 2011, and Full-time union staff will
be prohibited in July 2010 (time-off allowed to some works of unions)
- Minimize negotiation costs with rationalization of valid period for wage negotiations
Improve the substitute labor system in the essential public service → spread
rational management-labor culture
Promote flexible work hours and wages for job creation
- Expand flexible working hours, more peak salaries and positional/performance benefits
- Diversify labor structure such as part-time workers, wider exceptions for the limit on
irregular workers’ employment length (e.g. a lecturer with a master’s degree)
(4) Improve the effectiveness of employment measures
Maintain government-supported jobs until the private sector find its stride
- Extend “Hope Employment Project” until first-half 2010, with specific improvements
- Expand social service sector’s employment (2009: 129,000 → 2010: 140,000)
Resolve supply and demand mismatch through proactive labor market policies
- Expand Job offering/Job Seeking DB, employment support system based on
industry-university partnership, reinforcing personnel at Employment Support Centers
Byongwon Bark 48
49. Job Creation
(5)
(5) Expand human resources
Private Tutoring Cost (trillion won)
Train workforces required by industry
- Reinforce industry- university partnership
- Support for winners of World Skills Competition
More autonomy and responsibility, and
more competition in the education sector
- Amend high school education system
- Teacher evaluation system (March 2010),
more information disclosure for university
(6) Expand investments and enhance efficiency
Regulation Reform Satisfaction Index
Efforts to improve business environment (March09. Federation of Korean Industries)
70 61
- Comprehensively review investment 60
(YOY, %)
environments 50 44
47
- Better living conditions for foreign investors and 40
27
professionals to work in Korea 30
20
R&D investment to be based on performance 9 9
10
- Introducing measures such as “Honorable Failure” 0
Good Normal Poor
08 year 09 year
Byongwon Bark 49
50. Ⅲ. Korea Economic Policy Directions
1. Consolidation of Economic Recovery
2. Job Creation
3. Stabilizing the Livelihood of the Common people
4. Green Growth and Energy Conservation
5. Successful Hosting of the G20 and Enhancing Korea’s
Global Standing
6. Preparing for the Future
Byongwon Bark 50
51. Stabilizing the Livelihood of the Common People
(1)
(1) Stabilizing the market and real estate prices
(Market prices) Maintain mid-term inflation target of 3.0±1.0%.
Implement price stabilization policies for each sector
- Deregulate entrance regulations for items closely related to the lives of the
common people, strengthen supervision of anti-trust
(Real Estate) Expand housing supply, additionally designate areas that
require compulsory reporting for sales in case of market instabilities
(2) Expand social safety net for the vulnerable low-income class
Increase support for the vulnerable low-income class
- Childcare support for youth single mothers (under the age of 24)
- Introduce the serious disability pension, expand beneficiaries of the basic elderly
pension and medical support for the senile dementia
Better housing welfare by supplying more long-term public rental housings
Byongwon Bark 51
52. Stabilizing the Livelihood of the Common People (2)
(3) Support poverty-escape through work and education
Support self-sustainability of recipients of the basic livelihood security
through measures such as “Hope Deposit”
Contingent loan for students to be available in 1st Semester, 2010
→ Reduce parents’ burden in paying school fees, prevent students falling
into credit impairment
Increase support to aid self-recovery of common people
- Set up microcredit branches in multiple regions from December 2009 and
gradually increase them up to 200~300 (over 2 trillion won over the next 10 years)
Improve conditions for small businesses and traditional markets
- Allow employment insurance and unemployment benefits to the self-employed
- Create a common logistics system, place a ceiling on credit card service charges for
SMEs
Byongwon Bark 52
53. Ⅲ. Korea Economic Policy Directions
1. Consolidation of Economic Recovery
2. Job Creation
3. Stabilizing the Livelihood of the Common people
4. Green Growth and Energy Conservation
5. Successful Hosting of the G20 and Enhancing Korea’s
Global Standing
6. Preparing for the Future
Byongwon Bark 53
54. Green Growth and Energy Conservation (1)
(1) Nurturing the green industry
Discover a new growth potential by nurturing green industry and technology
- Green certification program (Jan 2010), Long-term & low-interest rate green loans
- Concentrate on core green industries (e.g. secondary batteries) and expand
Green ODA to promote green industry’s in developing countries
Increase support for “New Growth Engine Projects”
- Adjust tax exemption for R&D expenditures to be the highest in the world
Encourage low-carbon, environment-friendly living-style
(e.g. reducing garbage)
(2) Implementing the 4-river project without a hitch
Implement 4-river project to ensure water supply, prevent flooding, and
promote regional development along the river
- Complete 60% of construction during ‘10: Start construction during March 2010
Operate the Unified Project Maintenance System to systematically supervise
the projects involving multiple corporations
Byongwon Bark 54
55. Green Growth and Energy Conservation (2)
(3) Building energy-saving economic structure
Plans to achieve the target of greenhouse gas reduction (30% of BAU, 2020)
- Comprehensively review methods to allocate emission rights and establish a trading
center, etc (in the first half of 2010)
Instill a energy conservation structure through gradual reflection of energy
costs to prices and development of carbon reduction technology
Set and supervise energy conservation target for each institution
Establish an overseas resource development plan reflecting the
accomplishment of summit meetings (March.2010)
Carbon Emission Projection and Energy Consumption Criteria
Reduction Target (million ton) (TOE / thousand$)
0. 4
1000
0. 34
900 813 BAU △ 30%
800 0. 3
700 594
600 567 0. 21 0. 20
500 0. 2
0. 14
400 298 0. 11
300 0. 1
200
100
0 0
E : Estimation KOR US A UK J PN OECD
1990 2005 2020( e) 2020
Byongwon Bark 55
56. Ⅲ. Korea Economic Policy Directions
1. Consolidation of Economic Recovery
2. Job Creation
3. Stabilizing the Livelihood of the Common people
4. Green Growth and Energy Conservation
5. Successful Hosting of the G20 and Enhancing
Korea’s Global Standing
6. Preparing for the Future
Byongwon Bark 56
57. ’
Successfully Hosting the G20 and Enhancing Koreas Global Standing
(1) Successful hosting of the G20 Summit
Successfully hosted Finance Ministers Meetings and Finance Deputies Meetings
- operating two working groups and one expert group and establishing a network with
global think tanks
Discussion on establishing a post-crisis global economic management mechanism
- IFI governance reform including IMF’s 5% quota transfer
- Ensuring economic recovery through orderly implementation of exit strategy
- Establishing G20 framework for sustainable and balanced growth
Bridge between advanced and developing countries
- Forming Global Financial Safety Nets
- Developing agendas to facilitate the development of poorest countries
(2) Consistent expansion of
ODA
Korea expanded the size of its ODA after obtaining OECD DAC membership
- ODA/GNI percentage : (09) 0.11% → (10) 0.13% → (12) 0.15% → (15) 0.25%
Korea developed localized ODA models such as KSP.
Byongwon Bark 57
58. ’
Successfully Hosting the G20 and Enhancing Koreas Global Standing
(3) Strengthening global financial cooperation
Active participation in IFI resource replenishment → a responsible donor of the
international community
Stronger regional financial cooperation in Asia, such as the launching of CMI
multilateralism
Establishment of financial cooperation network with Islamic countries
(4) Expanding and utilizing FTAs
FTAs with major partners including US, EU, and India, are being completed.
- FTAs with US and EU will swiftly be taken into effect, and we laid foundations for FTA
negotiations with emerging economies such as MERCOSUR, SACU, Turkey, and Russia.
Measures to improve FTAs
- Developing a country-of-origin management system and building the FTA support center
- Creating the FTA portal website and enhancing FTA education & consulting services
- Increasing competitiveness of industries that are likely to be affected by FTAs
(agriculture, livestock industry etc)
Byongwon Bark 58
59. <Appendix> Building Global FTA Networks
Promote trade liberalization and economic reforms
Secure new growth engine by strengthening Korea’s competitiveness
EFTA
Russia Canada
China Japan USA
EU Turkey
Mexico
ASEAN
GCC India
MERCOSUR
Singapore
Peru
New
SACU Chile
Australia Zealand
Effective Negotiating Preparing
Byongwon Bark 59