◀ anchor ▶
The reason why the value of the money earned and the stock market is falling ‘day after day’ is because there is great concern that the global economy will eventually ‘stagnate’.
Neither the euro nor the Yen can match this.
The government has been wary of excessive fear, saying that our situation is different to that of the 2009 financial crisis.
Reporter Lee Duk-young.
◀ Report ▶
In March 2009, during the global financial crisis, the exchange rate increased to 1,570 won per dollar.
It increased by more than 30% from 1,089 earned in just six months.
It is not now as much as it was then.
Compared to the beginning of this year, the dollar-earning exchange rate has risen by 17%.
The government said it was different from the past crisis, and said it was not enough to worry yet.
[추경호/경제부총리(지난 25일 KBS 일요진단)]
“Currently, foreign exchange reserves exceed US$430 billion, the ninth largest in the world. In conclusion, there is no need to be overly concerned, but we must continue to be tense.”
How much has the gain depreciated compared to other currencies?
The real effective exchange rate shows the purchasing power of a country’s currency, taking into account prices and trade ratios.
When 2010 is set to 100, the gain has not dropped further to 100 yet.
On the other hand, the euro fell more sharply than ours at 89 and the Japanese Yen at 59.
The dollar was much stronger at 128.
But speed is an issue.
The increase in the real effective exchange rate over the past year was the sixth highest among 59 countries.
Another problem is that the global economy is slowing down due to the tightening of super-strength from the United States.
Next year, the US is expected to grow 0.5%, the UK 0%, France 0.6% and Germany -0.7%.
If the global economy is in recession, Korea’s exports will also decline.
If the exchange rate continues to rise, import prices will also rise.
[이창용/한국은행 총재]
“Until the first half of next year, the inflation rate of 5% above and below is expected to remain at a high level.”
It is not like the crisis of 1997 or 2008, but it does not look like the economy is going to improve immediately.
This is Lee Deok-young from MBC News.
Video Editing: Oh Yu-rim
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