The Korean economy went through some difficult times last year, due to the heightening of uncertainties at home and abroad. Volatility in the international financial markets increased frequently, in line with the worsening of the global trade environment and with the financial instabilities suffered by some EMEs amid the series of policy rate hikes by the US Federal Reserve.
Thanks to our strong international credit standing we were fortunate enough to maintain stability in Korean markets overall, but we still had to remain vigilant. Looking at the real economy, the rate of growth did not deviate far from its potential level, but employment remained sluggish and economic agents’ sentiments weakened.