{
    "success": true,
    "data": {
        "id": 1238694,
        "msgid": "s-korea-to-grow-in-2002-imf-1447893297",
        "date": "2002-02-14 00:00:00",
        "title": "S. Korea to grow in 2002: IMF",
        "author": null,
        "source": "REUTERS",
        "tags": null,
        "topic": null,
        "summary": "S. Korea to grow in 2002: IMF Reuters, Washington The International Monetary Fund on Tuesday said South Korea's economy will grow this year, but that uncertainties remain for the short-term and reforms are still needed to ensure sustained growth ahead. The Washington-based lender said South Korea has dealt with the recent global economic downturn better than many other economies and that the outlook overall looked positive.",
        "content": "<p>S. Korea to grow in 2002: IMF<\/p>\n<p>Reuters, Washington<\/p>\n<p>The International Monetary Fund on Tuesday said South Korea's<br>\neconomy will grow this year, but that uncertainties remain for<br>\nthe short-term and reforms are still needed to ensure sustained<br>\ngrowth ahead.<\/p>\n<p>The Washington-based lender said South Korea has dealt with<br>\nthe recent global economic downturn better than many other<br>\neconomies and that the outlook overall looked positive.<\/p>\n<p>The fund said South Korea's economy should grow at an annual<br>\nrate of 4.0 percent this year, up from an estimated 2.9 percent<br>\nin 2001. While growth will pick up, inflation is forecast to<br>\nremain in check at 2.2 percent in 2002, down from 4.1 percent<br>\nlast year.<\/p>\n<p>The fund said that while the economy was poised for growth,<br>\nuncertainties remained in the near-term, although it also noted<br>\nthat the Bank of Korea still had room for monetary maneuvering in<br>\ncase of further weakness.<\/p>\n<p>Structural reforms were still needed, especially in the<br>\nbeleaguered corporate sector as well as in the financial arena,<br>\nin order to ensure sustainable growth in the future, the IMF<br>\nsaid.<\/p>\n<p>Non-viable companies and corporations with unsustainable<br>\nlosses should be liquidated, the IMF said, expressing concern<br>\nthat the sale of assets of poorly performing companies and<br>\nfinancial institutions had slowed.<\/p>\n<p>The lender also said that the bankruptcy system and insolvency<br>\nlaws should be reformed.<\/p>\n<p>While the IMF was pleased with recent progress made in the<br>\nfinancial sector, it said that South Korean authorities should<br>\ncontinue their efforts to solidify the financial system.<\/p>\n<p>In this regard, it welcomed plans to privatize several banks,<br>\nwhich it said will help the institutions operate more<br>\nefficiently.<\/p>\n<p>The lender also welcomed South Korea's decision to concentrate<br>\ngovernment spending in the first part of the year, which will<br>\nstimulate the economy when a boost is most needed. It said,<br>\nhowever, that fiscal policy should not \"overperform\" as it has in<br>\nrecent years.<\/p>\n<p>The fund also said the South Korean government should improve<br>\nbudget planning, and welcomed local authorities' plans to have<br>\nministries report monthly on budget execution this year.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/s-korea-to-grow-in-2002-imf-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
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