SEOUL, July 18 (Xinhua) -- South Korea's government on Friday continued to see downward pressure on the Asian economy on the back of the U.S. tariffs imposition and a delayed recovery in domestic demand.
The Ministry of Economy and Finance said in its monthly report, called Green Book, that the South Korean economy had been under downward pressure, such as slowing exports, due to the worsened external conditions caused by the U.S. tariffs imposition.
The ministry noted that the economy faced a delayed recovery of consumption and construction investment, as well as a continued employment difficulty, especially for vulnerable groups.
The ministry, however, said positive signs emerged, such as improved consumer sentiment, adding that concerns remained over the global economy as the tariff impositions deteriorated the trade environment and maintained volatility in the global financial market.
Sentiment among consumers over economic situations improved for three straight months in June, on expectations for the launch of the Lee Jae-myung government on June 4 and its supplementary budget plan to bolster consumer demand.
Export gained 4.3 percent in June from a year earlier, thanks to higher semiconductor demand, but shipment to the United States kept a downward trend for three consecutive months.
Retail sale, which reflects private consumption, dipped 0.2 percent in May compared to the same month of last year, and construction investment tumbled 20.8 percent in the cited period.
The number of jobs rose 183,000 in June from a year earlier, and the jobless rate fell 0.1 percentage point to 2.8 percent.
Consumer prices grew 2.2 percent in June on a yearly basis, faster than the increase of 1.9 percent in May. ■
