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Won appreciation: its disproportionate effects on SMEs and policy measures

  • Author Minsoo Han
  • Date2021-01-06

In 2021, as the spread of COVID-19 subsides gradually, the global economic growth rate is expected to rebound due to the base effect and the current, aggressive economic stimulus measures. In last November, the Korea Institute for International Economic Policy (KIEP) predicted that the global economy in 2021 will record a growth rate of 5.0%, which is an improvement from -5.1% in 2020. With the election of candidate Joe Biden as the President of the United States, this global economic recovery is contrib-uting to the strengthening of the Korean won. It is fortunate that if the won continues to soar, Korea can be relatively free from pressure on the exchange rate appreciation. However, since the strong won may have a negative impact on export competitiveness, we need to pay attention to the effects of the exchange rate and possible policy responses. Against this backdrop, here I discuss the effect of exchange rates on Korean export companies and suggest relevant policy directions.


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