The new economic team led by Finance Minister Choi Kyung-hwan has received a passing grade for boosting the domestic economy, at least according to the 37 economic experts recently surveyed by the Federation of Korean Industries.
More than half of the respondents said the set of government stimulus measures proposed are sufficient for propping up the ailing economy.
Just around 15 percent of them thought they were not.
The experts surveyed also said that government measures should focus on boosting domestic demand by removing excessive regulations and running an expansionary fiscal and financial policy.
While around half of the experts expressed concerns about the Korean economy falling into a low-growth trap that resembles that of Japan, the other half were more optimistic, saying the domestic economy is on a recovery track, but that the momentum has slowed because of the ferry disaster in April.
They cited the sluggish real estate market, mounting household debt and worsening consumer and business sentiment due to the ferry tragedy as the biggest challenges currently facing the economy.
As for the long-term problems, the experts pointed to the absence of new growth engines, slumping private consumption and investment, the low birth rate and Korea's aging population.
The majority of the experts expect that domestic demand will return to the level seen just before the April ferry disaster if the government measures are implemented as planned.
Hwang Ji-hye, Arirang News.
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