역내포괄적경제동반자협정(RCEP) 정상회의가 4일 태국 방콕에서 열린 가운데 문재인 대통령(오른쪽 5번째)과 각국 정상들이 기념촬영을 하고 있다. 청와대

President Moon Jae-in (fifth from the right) on Nov. 4 holds hands with leaders of countries participating at the Regional Comprehensive Economic Partnership (RCEP) Summit in Bangkok, Thailand. (Cheong Wa Dae) 



By Lee Kyoung Mi and Lee Jihae 

The Regional Comprehensive Economic Partnership (RCEP), the world's largest free trade agreement, was ratified on Nov. 4 in Bangkok, Thailand, during the RCEP's third summit. 


An agreement among Korea, China, Japan, Australia, New Zealand, India and the ten member states of the Association of Southeast Asian Nations (ASEAN), the RCEP was ratified by all of the aforementioned nations except India. 

President Moon Jae-in said, "The ratification of this agreement has led to the beginning of the world's largest free trade agreement. I hope that we build one economic cooperation zone where we respect each other's varying levels of economic development, culture and diverse systems." 


"Trade barriers will be lowered and the depth of exchanges and cooperation deepened." 


The president added, "I hope we jointly overcome the global economic downturn and the value of free trade spreads further." 


Leaders of the nations taking part in the summit emphasized the importance of the RCEP in the face of threats to the global economy such as protectionism, as the accord is based on free and liberal standards. They agreed to quickly settle negotiations on matters such as market opening and finalize the relevant accords by next year. 


The heads of state also expressed intent to cooperate with India on relevant issues. New Delhi opted not to ratify the agreement citing its chronic trade deficit. 


 

km137426@korea.kr



Korea_IMP_Article_20180418.jpg

The IMF forecasts on April 17 that Korea’s GDP growth rate for 2018 and 2019 will be 3.0 and 2.9 percent, respectively.

(Korea.net DB)



By Park Gil-ja and Hahm Hee-eun

The International Monetary Fund (IMF) has predicted that the Korean economy will grow by 3 percent this year and by 2.9 percent next year.

The IMF released its World Economic Outlook Report on April 17 in which it predicts Korea's gross domestic product (GDP) growth forecasts for this year and next. This corresponds with what the IMF and the Korean government have predicted in an earlier report in February.

Those figures are slightly lower than last year's growth rate of 3.2 percent, but they're still consistent with the Korean government's own expectations. The IMF has taken into account the fact that Korea's export performance is good and that the government is expanding its money-making policies.

Other international organizations, such as the Organization for Economic Co-operation and Development (OECD) and the Asian Development Bank (ADB), have also projected Korea's growth rate to be 3.0 percent this year. If this trend continues, the Korean government’s goal to reach 3 percent economic growth this year is expected to be accomplished without any difficulty.

The IMF publishes two annual world economic reports per year, in April and October. They predict economic growth rates for each country. The IMF kept its prediction for overall global economic growth rate at 3.9 percent both this year and next year, which was announced in a revised economic forecast report in January.


krun@korea.kr




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