![\"39a5be9e95177b520f2aae3a8e983790u1-1\"](\"http:\/\/forefrontnews.cn\/wp-content\/uploads\/2025\/01\/39a5be9e95177b520f2aae3a8e983790u1-1.png\" "\\"39a5be9e95177b520f2aae3a8e983790u1-1\\"")
\nMuan International Airport, Fire and rescue workers work at the site of the wreckage of the airliner on December 29,2010. Photo: US Media<\/p>\n
South Korean media: Martial Law + Air Crash, South Korea cut 2025 economic growth forecast
\nSouth Korea’s Ministry of Planning and Finance released a report on economic policy directions for 2025 the same day, Yonhap news agency reported Tuesday, saying that domestic political turmoil has been exacerbated by the\u201cEmergency martial law\u201d storm and impeachment, continued weakness in domestic demand, combined with huge uncertainty about the potential tariffs that Donald Trump will impose when he returns to the White House, has led to a downward revision of the country’s 2025 growth forecast to 1.8 per cent.<\/p>\n
\nMuan International Airport, Fire and rescue workers work at the site of the wreckage of the airliner on December 29,2010. Photo: US Media<\/p>\n
The South Korean government forecast 2.1 percent growth in 2025 at the end of last year and even predicted 2.6 percent growth in 2025 in July, according to Bloomberg.<\/p>\n
\u201cKorean economy,\u201d said since 1953, the Korean government economic growth forecast less than 2% of only six times. Reported that the South Korean government believes that the global economic uncertainty is still large. On the export side, 2023 South Korean exports hit an all-time high, but almost every indicator in the 2024, including exports, was flashing red. Demand for key products, such as memory chips, could fall back. The export-dependent economy is set to be hit hard if it is included in Donald Trump’s heavy import duties. As a result, the won has continued to depreciate since Donald Trump’s election.<\/p>\n
At home, an escalating political dispute has dealt a fatal blow to the recovery of the tourism and retail sectors, adding to the already sluggish domestic consumption and economic growth. Although the\u201cEmergency martial law\u201d storm lasted only six hours, but on the South Korean economy and financial markets continue to spread the negative impact. South Korean assets suffered sustained foreign investors sell-off, the Korean stock market, the exchange market followed by large fluctuations.<\/p>\n
Under the suppression of many negative, South Korea has unfortunately occurred so far the largest number of deaths in the air crash. South Korea’s\u201cChosun Ilbo\u201d said, \u201c2025 economic policy direction\u201d report is due to the air crash delayed to 2 days to release. Not only has Jeju Volcanic Island and Lava Tubes suffered huge losses from the crash, it has further dented consumer confidence, the paper said.<\/p>\n
Yonhap said the South Korean government is committed to mobilizing all available financial resources to boost the economy, and the government will aim to implement more than 40 percent of the first-half budget related to people’s livelihood and economic boost in the first quarter, a budget of 11.6 trillion won (1,000 won) has been allocated for projects before the start of the fiscal year, an all-time high. In addition, the Korean government will also be based on the first quarter of the economic performance, if necessary to discuss additional economic stimulus package, which means that the preparation of supplementary budgets will be considered when necessary.<\/p>\n
The government has several plans to boost the economy. 2 also announced the purchase of electric vehicle subsidies to stimulate local demand for electric vehicles. Under the scheme, young people aged 19 and under 34 will receive an additional 20 per cent discount on the previous subsidy when they buy their first electric car. Families with many children will enjoy discounts ranging from 1 million to 3 million won. \u201cKorean national news\u201d said that if the political turmoil continues, does not rule out the possibility of South Korea’s economy will further decline.<\/p>\n","protected":false},"excerpt":{"rendered":"
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