大韩民国：2025年第四条磋商新闻稿；员工报告；大韩民国执行主任的发言

2025ARTICLE IV CONSULTATION—PRESS RELEASE;STAFF REPORT; AND STATEMENT BY THE EXECUTIVEDIRECTOR FORREPUBLIC OF KOREA Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussionswith members, usually every year. In the context of the2025Article IV consultation withthe Republic of Korea, the following documents have been released and are included inthis package: •APress Releasesummarizing the views of the Executive Board as expressed during itsNovember 19, 2025consideration of the staff report that concluded the Article IVconsultation withRepublic of Korea. •TheStaff Reportprepared by a staff team of the IMF for the Executive Board’sconsideration onNovember 19, 2025, following discussions that ended onSeptember24, 2025, with the officials oftheRepublic of Koreaon economic developments andpolicies. Based on information available at the time of these discussions, the staffreport was completed onOctober 31, 2025. •AnInformational Annexprepared by the IMFstaff. •AStatement by the Executive Directorforthe Republic of Korea. The documents listed below have been or will be separately released. Selected Issues TheIMF’s transparency policy allows for the deletion of market-sensitive information andpremature disclosure of the authorities’ policy intentions in published staff reports andother documents. Copies of this report are available to the public from International Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.org International Monetary FundWashington, D.C. IMF Executive Board Concludes 2025 Article IV Consultationwith Republic of Korea FOR IMMEDIATE RELEASE Washington, DC – November 24, 2025:The Executive Board of the International MonetaryFund (IMF) completed the Article IV Consultation for Republic of Korea.1The authorities haveconsented to the publication of the Staff Report prepared for this consultation.2 Prolonged domestic political and global trade policy uncertainties have weighed on near-termgrowth. While growth has slowed, inflation remains close to the target, and financial stabilityrisks remain manageable. With sufficient policy space, the authorities are implementingmeasures to stimulate the economy while tightening macroprudential policies to addresshousing market pressures. Growth is projected at 0.9 percent in 2025, as private consumption begins to recover in2025H2, supported by more accommodative fiscal and monetary policies and easing domesticpolitical uncertainty. Growth is expected to rebound to 1.8 percent in 2026, driven by easinguncertainties, the full impact of accommodative policies, and base effects. The negative outputgap is projected to gradually close starting 2026 as domestic demand strengthens and exportsrecover amid easing global trade policy uncertainty. Inflation is expected to remain close to theBank of Korea’s target of 2 percent. The current account surplus is projected to decrease inthe near term, as higher effective U.S. tariffs weigh on Korean exports despite importcompression and some export reallocation. In the medium term, it is expected to improve,driven by a gradual recovery in exports and stronger primary income. Uncertainty around the outlook remains high and risks remain tilted to the downside.Downside risks stem from prolonged trade policy uncertainty, intensification of geopoliticaltensions, greater financial market volatility that could lead to tighter financial conditions, higherglobal commodity price volatility and a slowdown of the domestic semiconductor sector. Executive Board Assessment3 Executive commended Korea’s economic resilience in the face of domestic and externalshocks, supported by the country’s solid macroeconomic fundamentals and the authorities’skillful policy management. While the outlook is positive, Directors noted that uncertaintyremains high. Against this backdrop, they concurred that, in the near term, an accommodativepolicy mix is appropriate to support the cyclical recovery. To tackle longer-term challenges,Directors underscored that advancing structural reforms remains critical to revitalize domesticdemand, enhance external resilience, and boost potential growth. Directors agreed with the ongoing monetary policy easing, which is supporting domesticdemand, while underscoring the need to maintain price stability. In this vein, they emphasizedthat monetary policy should remain agile, well communicated, and data‑dependent given thehigh uncertainty. Directors concurred that foreign exchange interventions should remainlimited to preventing disorderly market conditions. Directors welcomed the authorities’ current fiscal accommodation given the negative outputgap, with a few Directors noting that a stronger countercyclical fiscal response may be neededto boost domestic demand. Given long-term aging-related spending pressures, Directorsemphasized the importance of resuming fiscal consol