2017 in Review: Korean economy PART.3

But there are concerns higher interest rate could worsen the country's massive household
debt problem... since it would affect homeowners' ability to repay their debts and raise the
risk of people defaulting on their housing loans.
That's right.
Korea's household debt has hit another record high... surpassing one-point-three-trillion
U.S. dollars... mainly due to previous administration's attempt to ease regulatory measures on housing
loans in 2014.
To tackle this, the current government has laid out a series of countermeasures this
year making it harder for people with multiple houses to borrow money to buy more properties.
But we'll have to wait and see on this point, since prices of residential apartments in
Seoul have been soaring in recent months.
Increases in household disposable income or spending... mean less spending power, which
in turn will prolong sluggish domestic consumption.
And due to Korea's rapidly aging society,... this issue is not expected to improve any
time soon.
This is further exacerbated by a worsening youth jobless rate,... despite the government's
execution of a nine-point-eight billion U.S. dollar supplementary budget bill for job creation.
(Korean) "Despite government efforts, job creation
in the private sector is still sluggish.
And with the minimum wage to spike next year, employment figures are not expected to improve
much from what they are now."
Starting next year, Korea's minimum wage is to increase to seven U.S. dollars per hour,
up 16-point-4-percent from the current numbers.
Consumer sentiment fell in December, after hitting a seven-year high the month before.
This is mainly due to pessimism among households regarding their economic conditions following
the rate hike in November.
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2017 in Review: Korean economy PART.3

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