중국발 경제 위기에 한국 환율•주가 출렁 경제 전망 불투명
Korean stocks have been slipping for five consecutive trading days, amid China’s worsening economic woes.
Also, the South Korean won tumbled against the U.S. dollar, yet again, on Thursday.
Eum Ji-young has the details.
The South Korean stock market has been on a downward trend for five straight trading days now, amid concerns over the faltering Chinese economy.
The country's benchmark KOSPI fell below the 2,500 threshold, during trading on Thursday, but recovered to close at 25-hundred-19-point-8-5.
This continued the drop from the previous session, with most Asian shares declining on Wednesday, following discouraging data from China.
South Korea's tech-heavy Kosdaq lost more than 2.5 percent, while Japan's benchmark Nikkei 225 slid almost 1.5 percent.
Analysts say, chances are growing for China to miss its economic growth target of around 5 percent for this year, without additional stimulus measures, amid a slumping property market there.
"The Chinese economy is sluggish because domestically they have too much debt. And they cannot afford active fiscal policy to bring themselves out of the slow economy. They need a push on the export sector, but exports are down as well."
He added that this is causing a slowdown in the Korean economy as Beijing is Seoul's biggest trade partner.
With sluggish exports, the foreign exchange market here tumbled as well, recording its weakest figure in three months against the greenback.
The won closed trading on Thursday at one-thousand-three-hundred-42, up 5-point-one from the previous session.
The expert said, the Korean economy will continue to be sluggish unless the Chinese economy picks up.
"In order to go beyond this, the Korean government can try an expansionary monetary policy but the current government is very reluctant to do so because it will add to the deficit."
He added that the government can rearrange spending within the budget to use money more effectively, to bring the economy out of its current slowdown.
Eum Ji-young, Arirang News.
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2023-08-17, 18:00 (KST)
