I would like to begin by expressing my heartfelt gratitude to all of you, for so faithfully carrying out your duties throughout the past year. Our economy faced many difficulties last year, due to a deterioration in external conditions.
Global trade contracted, affected by the trade tensions between the US and China, while exports of semiconductors, the major engine of Korea’s economic growth, also declined significantly. In line with developments in external uncertainties, we saw frequent escalations of volatility in our financial and foreign exchange markets, and weakening economic sentiment.