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Korean economy 2020

27 1 0
By Chang Se-moon

The ifo Institute at the University of Munich in Germany was founded in January 1949, and has published the quarterly ifo World Economic Survey since 1989. The survey is based on appraisals and expectations of economic experts all over the world, rather than quantitative analysis.

In fall 2018, 1,230 economic experts in 119 countries were polled. The fall 2018 survey summarized the prospects of the 2019 world economy by stating that "the growth of the world economy is slowing down, and assessments of the current global economic conditions have deteriorated significantly, although they still remain above their long-term average." The appraisal appears to be right on target.

The fall 2019 survey received responses from 1,230 experts in 117 countries. The results of the October 2019 survey were released on Nov. 22.

According to this latest survey, the world economic climate has "worsened again," and both the assessment of the current situation and expectations for 2020 "dropped significantly as the global economy continues to cool."

The experts expect significantly weaker growth in world trade. This assessment is echoed by the Dec. 2 announcement by the Mercatus Center of George Mason University, which states that "Growth rates in world exports have fallen from 5.7 percent in 2017........

© The Korea Times