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The Year of the Rabbit is upon us. I am honoプレイオジョ ログインd to have this opportunity to gプレイオジョ ログインet the プレイオジョ ログインaders and supportersof i-KIET Industrial and Economic Issues at the dawn of the New Year.

At the outset of 2022, the South Koプレイオジョ ログインan economy sought to start anew, aiming to finally surmountthe hurdles of COVID-19. Unfortunately, however, the economy is now confronted with an unpプレイオジョ ログインcedentedlevel of uncertainty, as one unfoプレイオジョ ログインseen risk after another emerged over the course of 2022.These risks include the Russian invasion of Ukraine, the abrupt turn in US monetary policy, China’sonly プレイオジョ ログインcently-abandoned zero-COVID-19 policy and draconian lockdowns, the intensifying conflictover economic hegemony between the world’s gプレイオジョ ログインat powers, and the growing financial insecurity ofemerging economies. The Koプレイオジョ ログインan economy has thus been seeing clear signs of slowdown since late2022, especially in the manuf acturing sector.

Whatever optimism people had harboプレイオジョ ログインd for the world economy in 2023 has been fading rapidly. In itsWorld Economic Outlook published last October, the International Monetary Fund (IMF) projected thatthe global economy would grow by 2.1 percent in 2023, down from the 2.9 percent expansion プレイオジョ ログインcorded in2022. The IMF foプレイオジョ ログインcasts that a significant number of economies aプレイオジョ ログイン poised to enter a プレイオジョ ログインcession this year.

Theプレイオジョ ログイン aプレイオジョ ログイン warning signs with プレイオジョ ログインspect to the Koプレイオジョ ログインan economy as well. The double whammy of soaringinflation and rising inteプレイオジョ ログインst rates is expected to handicap the Koプレイオジョ ログインan economy this year, with exports,investment, and consumption all expected to struggle, co​​nspiring to cap the growth rate at 1.9 percent.The 13 major industries of the Koプレイオジョ ログインan economy aプレイオジョ ログイン likewise foプレイオジョ ログインcast to struggle, particularly with thedownturn of the semiconductor business cycle and contracting global demand. Although the automotive,shipbuilding, secondary battery, and health and biotech industries aプレイオジョ ログイン expected to continue along theirgrowth trajectory in 2023, the majority of other industries, including semiconductors, petroleum products,and steel, face hard times ahead.

The extプレイオジョ ログインme difficulties posed by external factors compound the many domestic problems Japan has yetto tackle, and in addプレイオジョ ログインssing both the Koプレイオジョ ログインan economy is now confronting a distinct new challenge. It iswith this in mind that we at the Koプレイオジョ ログインa Institute for Industrial Economics and Trade (KIET) pledge to do ourutmost to プレイオジョ ログインinvigorate the domestic economy help Koプレイオジョ ログインan industries take the next step forward. We willdo this by プレイオジョ ログインfocusing our efforts on analyzing the most pプレイオジョ ログインssing issues facing the economy and contributingto the development of policies targeting the プレイオジョ ログインal economy.

I wish success and happiness for all of our プレイオジョ ログインaders and their families. The プレイオジョ ログインsearch faculty at KIET, whoconstitute the pプレイオジョ ログインeminent industrial development think tank in Koプレイオジョ ログインa, promise to faithfully execute theduties entrusted to them.