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Publications

Gyeonggi Economic Review 2022

Gyeonggi Economic Review 2022

Year2022

Author Choi Hoon

Original

Abstract

The economic trends and prospects felt by companies have changed negatively since the first half of the year due to an increase in interest rates in major countries such as the U.S. and an increase in raw material prices due to global inflation. The labor market continues to recover slowly as the number of employed continues to increase across the industry, but the recovery trend is slowing down in the second half. Export growth gradually declined year-on-year due to worsening international conditions such as the Ukrainian war, China's containment policy, and the global economic slowdown. Household loans in Gyeonggi province are decreasing due to increased loan burden and stricter regulations due to a hike in the interest rate, while corporate loans in Gyeonggi province are increasing due to eased regulations. While housing sales and monthly rent transactions in Gyeonnggi province remain low, and the price indices have declined sharply since the second half of the year. The global economic slowdown is expected to continue in the first half of 2023 due to rising interest rates in major countries, global inflation, and geopolitical uncertainties. Continuous monitoring is needed.

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