炭鉱のカナリア：韓国経済が予想外の下落、１０年ぶり



Canary Meet Coalmine: South Korean Economy Unexpectedly Plunges Most In A Decade

One of the most-followed belwethers for global growth just flashed another death-knell warning for the green-shoot-ers.


最も多くの人が注目する世界経済成長の先導指標が警告を発している。

South Korea’s gross domestic product unexpectedly shrank in Q1, dropping 0.3% QoQ (against expectations of a 0.3% rise).

韓国Q1GDPが予想外のQoQ０．３％下落となった（市場予想は０．３％上昇だった）。
This is the biggest contraction in a decade as declining investment and exports take a toll on Asia’s fourth-largest economy.

過去１０年で最大の下落であり、アジア４位の経済の投資・輸出が打撃を受けた。
South Korea is highly exposed to slowing in global growth and the technology sector, which have combined to crimp the nation’s GDP in recent quarters, and Band of Korea Governor Lee Ju-yeol blamed weakening exports, particularly of semiconductors, and slowing business investment for the growth downgrade.

韓国は世界経済やテクノロジーセクターの減速に敏感で、これらが相重なり最近数四半期のGDPを抑えている、韓国政府のLee Ju-yeolによれば、輸出、特に半導体に問題がある、そして投資が減り成長が鈍化している、という。
As growth has slowed recently, the government unveiled a supplementary package of 6.7 trillion won ($5.9 billion) comes on top of a main budget that is already a record and a hefty increase from last year. However, the extra budget may push up GDP by 0.1 percentage points and create just 73,000 new jobs, according to the government.

最近の成長鈍化対策として、政府は６．７T won（＄５．９B)の追加刺激策を実行した、すでに既存予算も記録的なレベルであり昨年から大幅増加している。しかしながら、追加予算もGDPを０．１％押し上げ、新規雇用を７３，０００程度生み出す程度だと政府は見ている。
It might still be "quite challenging for South Korea’s GDP growth to achieve the government’s 2.6-2.7 percent forecast," said Krystal Tan, economist at Australia & New Zealand Banking Group in Singapore. "Unless a stronger-than-expected recovery in the export sector materializes in the coming months, a bigger extra budget would probably be needed to push growth into that band."


「政府予想ではGDPが２．６−２．７％成長だが、とても難しそうだ」と見られている、とKrystal Tanは言う、彼はシンガポールを拠点とするAustralia &New Zealand Banking Groupのエコノミストだ。「今後数ヶ月で予想以上の輸出回復がなければ、更に大きな追加予算を必要とするだろう。」

Of course, none of this is a problem for semiconductor company's stocks - which are at a record high, despite collapsing earnings expectations...

当然のことながら、半導体銘柄はこの状況など無関係だーー記録的な高値となっている、一方で収益予想は急落しているが・・・・


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