Yoon Administration Reports Stable Macroeconomic Management Amid Global Challenges.

Seoul: The government has successfully maintained stable macroeconomic conditions to mitigate the impact from multiple global crises, the finance ministry insisted Monday, highlighting the success of the Yoon Suk Yeol administration's economic and fiscal policies over the past 2 1/2 years. The review was presented in a report issued by the Ministry of Economy and Finance to mark the midpoint of President Yoon's single five-year term, which fell on Sunday.According to Yonhap News Agency, the report detailed the government's proactive measures in response to a complex global crisis characterized by the Russia-Ukraine war, record-high inflation in 34 years, steep interest rate hikes, and an unprecedented slump in the semiconductor industry. The finance ministry emphasized the administration's focus on sound fiscal management as a key factor in maintaining stability.The government achieved significant successes, such as keeping consumer prices relatively low compared to other major developed countries, despit e a period of global inflation. The report noted that the country experienced a stable peak in inflation rates, with the consumer price index rising by only 1.3 percent in October. Positive trends in employment and export indexes were also highlighted.South Korea recorded the highest growth rate among the world's top 10 exporting nations in the first half of this year and is expected to achieve a record annual export amount, surpassing the previous record of US$683.6 billion set in 2022. Furthermore, the report indicated that South Korea's per capita income reached $36,194 in 2023, surpassing Japan's $35,793 for the first time.The report also emphasized the country's success in managing household debts. The household debt-to-GDP ratio began to decline in 2022 for the first time in 18 years, following a steep hike over the past few years. South Korea has maintained its highest-ever credit rating, with international markets recognizing its economic resilience, evidenced by its inclusion in the World Governm ent Bond Index.Looking forward, the government plans to continue focusing on improving the real economy and addressing risks related to real estate and household debts. The Yoon Suk Yeol administration aims to enhance growth potential and sustainability through structural reforms, managing risks, and responding to global uncertainties.