Cabbage prices jump and processed foods rise one after the other … “Industry consultation”
US interest rate hike… US interest rate inversion likely to widen
Higher interest rates in major countries increase the likelihood of a global economic downturn
High inflation continues for some time, fears of stagflation
Government finds concerns about ‘economic slowdown’ for the fourth consecutive month
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[앵커]
The government is making every effort to respond to high prices, such as deciding to focus on vegetables and food prices which have risen dramatically recently.
However, the risk of a global recession is increasing as the US continues to raise its key interest rate sharply in an effort to control inflation.
Reporter Kwon Nam-gi.
[기자]
The government has put out the fire in a hurry.
In order to stabilize the recent surge in vegetable prices, we decided to intensively manage supply and demand, including cabbage, and check the prices of foods such as ramen every day.
[추경호 / 부총리 겸 기획재정부 장관 : 식품 물가 점검반을 통해 동향을 일일 모니터링하고 업계와 가격 안정을 위한 협의도 적극 진행하겠습니다.]
The problem is the rapid increase in the US interest rate to catch high inflation.
If interest rates are higher than ours, foreign capital will flow into the United States, and earnings will depreciate and the exchange rate will rise.
[홍기빈 / 글로벌정치경제연구소장 : (한국은행이 기준금리를) 3.5% 이상 올리기는 힘들 거예요, 아무리 많이 올린다 하더라도. 그러면 1% 정도의 금리 역전이 벌어지는데 지금 같이 국제 자금시장이 아주 불안한 상태에서는 굉장히 위험한 숫자거든요.]
If we and other countries raise interest rates to catch up with the US, consumption and exports will decrease, which could lead to a global recession.
The economy is in recession, but prices are rising, stagflation.
[조영무 / LG경영연구원 연구위원 : 당장 올겨울 유럽의 경기 침체 가능성을 매우 크게 보고 있고요. 그 이후에 미국, 그리고 우리나라를 비롯한 신흥국 순으로 경기침체에 빠질 가능성이….]
Earlier, for the fourth consecutive month, the government announced a diagnosis of concerns about an economic slowdown.
Retail sales have slowed for the fifth month, corporate inventory growth is the highest in 26 years, and the trade balance has been in the red for every six months.
[조성환 / 대한상공회의소 경제정책실 팀장 : 글로벌 수요가 크게 줄어들고 있고요. 3분기부터는 (국내 기업의) 생산이나 출하 쪽이 훨씬 더 감소하면서 고용 또는 투자 쪽으로 위축되는 모습이 분명하게 나타날 걸로 보이고….]
It is difficult to predict when the war in Ukraine and COVID-19 will end, so the general complex crisis is in a situation where the end is not known.
This is YTN Namgi Kwon.
YTN Namgi Kwon (kwonnk09@ytn.co.kr)
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