The information technology (IT) and automobile industries are expected to help recover Korea’s economy stagnation next year. 
As export conditions are slowly improving, private consumption and facility investments are showing rapid recovery and economic growth rate for next year is expected to go up to 5.5%. 
The Korea Institute of Industry and Technology Information (KIET) reported on Nov. 24, through its report on ‘Forecast of Macroeconomics & Industry of 2004’, the 10 major industries in Korea are recovering domestically and a steady growth is detected in exports, proving that potential growth rates are affirmative. 
The recovery of the domestic market and improvements in export will enhance the growth of major industries in Korea. 
This year’s stagnation has especially been severe but the -3% automobile production rate of this year is predicted to turn up till 12% next year. 
As the global market is beginning to become active again, demand for new products are growing. Computer semiconductor and communication equipment has also shown a high growth rate by bouncing from 16% to 21%. 
Household appliances, which only remain just over 13% this year, will increase 6.2% next year. 
General machinery (7.8%), oil chemicals (4.3%) and steel (3.1%) are also showing hints of improvement in scale. 
But with the shipbuilding industry, which has greatly increased orders, has achieved 11% growth rate for this year and is analyzed to increase only 0.5% next year. 
Actual export of major industries has increased this year as accordingly – communication devices (25.4%), semiconductors (24.2%), computers (21 %), general machinery (18.5%), household appliances (11.7%), automobiles (10.3%) and etc. 
The Director of the Leading Industries Division of KIET, Suk-in, Chung forecasts, “Steel and oil chemical industries and other material industries may be restrained by the export progress.” 
Source: Maeil Business Newspaper, November 11, 2003