The government assessed that the economy is moving out of weakness in the first half. Until the second quarter, it stopped at the analysis that "positive signals are emerging," but it has strengthened its optimistic assessment of the economy.
The Ministry of Economy and Finance said on the 14th in the November recent economic trends (Green Book), "Recently, Korea's economy is showing a recovery trend, moving out of the first-half slump due to improvements in domestic demand such as consumption and strong performance in semiconductors." The Ministry of Economy and Finance publishes a monthly report diagnosing the economic situation, and because the cover is green, it is called the "Green Book."
Over the past three months, the Ministry of Economy and Finance (MOEF) has gradually strengthened its optimistic expressions about the economy. In August, it said "there are also positive signals for an economic recovery," in September it assessed that "positive signals are strengthening," and in October it said the economy "is moving out of the first-half weakness." This month, it delivered the same assessment as last month.
However, the government saw that employment difficulties persist, centered on vulnerable institutional sectors, and that uncertainties remain, including the pace of recovery in construction investment and the impact of U.S. tariff imposition. According to the Ministry of Economy and Finance (MOEF), construction investment in the third quarter fell 0.1% from the previous quarter. Compared with the same period a year earlier, it declined 8.2%. Also, compared with Oct. last year, the number of employed people aged 15 to 29 fell by 163,000 last month. Cho Sung-jung, head of the economic analysis division at the Ministry of Economy and Finance (MOEF), explained, "The headline employment numbers look sound, but there are (job) difficulties among the young."
The Ministry of Economy and Finance (MOEF) said, "We will strengthen policy efforts such as revitalizing domestic demand so that growth momentum can spread going forward," adding, "We will make every effort to expand growth potential through leading projects for an AI grand transformation and ultra-innovation economy, and through productive finance."