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Annual Report 2002 : East and Central Asia

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Republic of Korea

Economic performance

The Republic of Korea continued its economic recovery in 2002, with real GDP expanding by an estimated 6.3% due to robust private consumption and a rebound in exports. The services sector made the strongest contribution to growth, followed by the manufacturing sector, particularly in the export of semiconductors, telecommunications devices, and machinery. The average unemployment rate declined to 3% in 2002 as employment in the services sector expanded. Despite an appreciation of the won against the US dollar, exports increased by 8.2%, outpacing import growth of 7.7%. Export expansion contributed to the increase in foreign exchange reserves during the year, reaching $121.3 billion by end–2002, an 18.0% rise from 2001.

ADB operations

Loans and technical assistance: No loans or technical assistance were approved in 2002.

Project implementation: Since joining ADB in 1966, the Republic of Korea has received 81 loans totaling $6,338.3 million. Contract awards totaled $240,000, bringing the cumulative figure to $5,572.6 million. Cumu- lative disbursements totaled $5,560.3 million. The one active loan, for institutional strengthening of the financial sector, was closed on 31 October 2002 (see tables 14–23 in the Statistical Annex).

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