Established in 1976, The Korea Institute for Industrial Economics and Trade (KIET) serves as Korea’s only government-funded research institute specializing in industrial research and dedicated to the development of national economic and industrial policy. KIET is committed to bolstering competitiveness and strengthening the foundation of Korean industry through the formulation of effective policies that enable industries to adapt to a rapidly changing global industrial environment.
In 2020, the Korean economy is expected to grow 0.1 percent from the previous year amid the COVID-19 pandemic, due to continued sluggish exports, the transition of consumption to a negative trend, and limited recovery in investment demand. The future trajectory of the pandemic is the most significant factor for the domestic and international economies. In addition, the trends of policy effects in major economies, U.S.-China trade tensions, consumer sentiment, and effects of the Korean government’s policies will affect the economy as well.