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The reason why the value of the win and the stock market are falling “day after day” is because there is a 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 fears, saying our situation is different from that of the 2009 financial crisis.
Correspondent Lee Duk-young.
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In March 2009, during the global financial crisis, the exchange rate rose to 1,570 won per dollar.
It has increased by more than 30% from 1,089 winnings in just six months.
It’s not so much now as it was then.
Compared to earlier this year, the won-dollar exchange rate increased by 17%.
The government said it was different from the past crisis and said it is still not enough to worry.
[추경호/경제부총리(지난 25일 KBS 일요진단)]
“Currently, the foreign exchange reserves exceed $ 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 against other currencies?
The real effective exchange rate that shows the purchasing power of a country’s currency, taking into account prices and trade proportions.
When 2010 is set at 100, the won has not yet fallen further to 100.
On the other hand, the euro fell more sharply than ours to 89 and the Japanese yen to 59.
The dollar was much stronger at 128.
But speed is a problem.
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 the ultra-strong US tightening.
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 should remain at a high level.”
It’s not like the crisis of 1997 or 2008, but it doesn’t look like the economy will improve right away.
This is Lee Deok-young of MBC News.
Video Editing: Oh Yu-rim
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