◀ anchor ▶
The reason why the value of the won and the stock market are falling ‘day following day’ is because there is a big 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 from that of the 2009 financial crisis.
Correspondent Lee Duk-young.
◀ Report ▶
In March 2009, during the global financial crisis, the exchange rate soared to 1,570 won per dollar.
It increased more than 30% from 1,089 won in just six months.
Now not as much as then.
Compared to the beginning of this year, the won-dollar exchange rate has risen 17%.
The government said it was different from the past crisis, and said that it is 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 anxious, but we must continue to be tense.”
How much has the won depreciated compared to other currencies?
The real effective exchange rate showing the purchasing power of a country’s currency, taking into account prices and trade proportions.
When 2010 is set to 100, the won has not yet fallen further to 100.
On the other hand, the euro fell more sharply than ours at 89 and the Japanese yen at 59.
The dollar got 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 due to ultra-strength tightening from the US.
Next year, the US is expected to grow by 0.5%, the UK by 0%, France by 0.6% and Germany by -0.7%.
If the global economy is in recession, Korea’s exports will also deteriorate.
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’s not like the 1997 or 2008 crisis, but it doesn’t look like the economy is going to get any better right away.
This is Lee Deok-young from MBC News.
Video Editing: Oh Yu-rim
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