The given text is a detailed report on the current economic situation of the country. The key points are:
- The government has officially diagnosed that the country's economy is slowing down, with high prices and sluggish exports. This is the first time it has been officially announced.
- The economic trend is slowing down, while prices remain at a high level, domestic demand recovery is slowing, exports are sluggish, and business sentiment is continuing to contract.
- The country's Real GDP in the fourth quarter of last year decreased by 0.4% compared to the previous quarter, showing negative growth for the first time in 10 quarters since the second quarter of 2020.
- Exports in January fell 16.6% from a year ago for the fourth straight month, and the trade deficit hit a record monthly high of $12.65 billion.
- The won-dollar exchange rate has been rising recently, which affects prices. There is concern that the United States' tightening policy will be prolonged.
- The government announced that it will increase export investment vitality in line with the policy of firmly stabilizing prices and easing the burden on people's livelihood.
- The commercial real estate market is also on the decline, with an increasing number of empty commercial buildings and falling rental prices.
- Transportation and postage rates, bank interest rates, and communication rates are also likely to be adjusted due to the increasing inflationary pains of the common people.
- The government predicted that consumer prices this month will also rise by around 5% compared to last month.
- The International Monetary Fund (IMF) has maintained its previous forecast that the country's economic growth rate will be limited to 1.8% and 1% this year.
- The country's exports have been adjusted upward by 0.2 percentage points to 1.8%, and the increase in employment has been adjusted upward to 100,000, which is 20,000 more than the previous forecast.
- The country's semiconductor industry, a significant export item, has seen a sharp decline in performance, with semiconductor exports decreasing by 44.5% compared to a year ago.
- The country's manufacturing industry also showed a decline of 4.1% in the fourth quarter in response to the slowdown.
- Private consumption, which had supported the economy so far, also turned to decline. This is because consumption, which had been burning after the lifting of social distancing, slowed down and real income decreased due to high prices.
1. The government's official diagnosis is that the country's economy is slowing down. [Source