The Republic of Korea’s Economic Growth and Catch-Up: Implications for the People’s Republic of China

8/17/2019 The Republic of Korea’s Economic Growth and Catch-Up: Implications for the People’s Republic of China

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GEMF \crafhl [gpdr Ydrfds

Und ]dpum`fi cb Acrdg‖s Dichcjfi Lrcwtn ghe Igtin-Tp?

Fjp`figtfchs bcr tnd [dcp`d‖s ]dpum`fi cb Infhg

Ochl-\ng @dd

Hc. 4


2/35

Und \crafhl [gpdr sdrfds fs g ichtfhugtfch cb tnd bcrjdr`y hgjde Efsiussfch [gpdr sdrfds1tnd hujmdrfhl cb tnd pgpdrs ichtfhude wftncut fhtdrruptfch cr inghld. GEMF‖s wcrafhlpgpdrs rdb`dit fhftfg` fedgs ch g tcpfi ghe grd pcstde ch`fhd bcr efsiussfch. GEMF dhicurgldsrdgedrs tc pcst tndfr icjjdhts ch tnd jgfh pgld bcr dgin wcrafhl pgpdr (lfvdh fh tndiftgtfch md`cw). Ycjd wcrafhl pgpdrs jgy edvd`cp fhtc ctndr bcrjs cb pum`figtfch.

Yulldstde iftgtfch?

@dd, O.-\. =;72. Und ]dpum`fi cb Acrdg‖s Dichcjfi Lrcwtn ghe Igtin-Tp? Fjp`figtfchs bcrtnd [dcp`d‖s ]dpum`fi cb Infhg. GEMF \crafhl [gpdr 4B

9-=-4 Agsujflgsdaf, Infyceg-auUcayc 7;;-2;;>, Ogpgh

Ud`? +>7-9-9469-44;;Bgx? +>7-9-9469-44


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GEMF \crafhl [gpdr 4


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6/35

GEMF \crafhl [gpdr 4;s ngs mddh gstchfsnfhl―fts dichcjyngs lrcwh jcrd tngh 6.4% ghhug``y. Ncwdvdr, fts dichcjy, tcc, fs hcw s`cwfhl1 ftlrdw ch`y 2.6% fh =;74, tnd `cwdst sfhid 766;, ghe fs prdefitde tc lrcw jcrd s`cw`y fhtnd icjfhl ydgrs. Ichsfedrfhl tnd []I‖s fhbùdhid ch tnd wcrè dichcjy, tnd buturd cbfts lrcwtn fs cb ichidrh tc jghy. Unfs stuey ghg`yzds []I dichcjfi lrcwtn fh tndichtdxt cb l`cmg` stghegres gs wd`` gs tnd ]dpum`fi cb Acrdg‖s dxpdrfdhid. Ft efsiussdstnd inghlds fh tnd lgp cb pdr wcradr cutput mdtwddh tnd []I ghe TY cvdr tfjd gheicjpgrds tnd pdrbcrjghid cb tnd []I wftn tngt cb tnd ]dpum`fi cb Acrdg bcr ghdqufvg`dht pdrfce. Ft g`sc sulldsts pc`fiy jdgsurds tngt tnd []I icuè gecpt tc sustgfhstrchl lrcwtn.9

=. UND ]D[TM@FI CB AC]DG‖Y DICHCJFI L]C\UN GHE IGUIN-T[

=.7 Und Dxpdrfdhid cb tnd ]dpum`fi cb Acrdg

Eurfhl tnd pgst ng`b-idhtury, tnd ]dpum`fi cb Acrdg‖s dichcjy ngs sncwh fjprdssfvdlrcwtn, wftn gvdrgld ghhug` LE[ lrcwtn rgtd surpgssfhl ’=;;6, wnfin dvc`vde brcj tnd TY sumprfjd

jcrtlgld irfsfs, g`sc sdrfcus`y gbbditde tnd ]dpum`fi cb Acrdg‖s dichcjy tnrculnspf``cvdrs brcj l`cmg` trged ghe bfhghifg` jgradts. Und icuhtry‖s LE[ lrcwtn rgtdercppde tc ;.9% fh =;;6. G`tnculn tnd ]dpum`fi cb Acrdg jghglde tnd l`cmg` bfhghifgìrfsfs rd`gtfvd`y wd``, sncwfhl tnd bgstdst rdicvdry gjchl CDIE jdjmdrs, fts dichcjystf`` ngs hct ydt rdsujde fts prd-irfsfs lrcwtn rgtds.

9 Ogpgh‖s dxpdrfdhids, fh pgrtfiu`gr gssdt mumm`d murst ghe `chl-tdrj stglhgtfch sfhid tnd dgr`y 766;s,

igh md g`sc usdbu` bcr []I pc`fiy jgafhl. Ncwdvdr, tnd []I‖s pdr igpftg cutput, gs wd`` gs dichcjfi

struiturd, `gls cvdr 5; ydgrs mdnfhe tncsd cb Ogpgh, wnfin jgads efbbfiu`t tc icjpgrd twc dichcjfdsghe ergw usdbu` pc`fiy fjp`figtfchs bcr tnd []I.


7/35

GEMF \crafhl [gpdr 4Q2.>9Z

6.=>QZ

ThftdeYtgtds

74,=45 5=,95Z

9.76Q=.=2Z

9.7>Q=.=;Z

9.9<Q=.=>Z

7.4=Q;.4>Z

9.;<Q=.;9Z

[dcp`d‖s]dpum`fi cbInfhg

7,;4< >,5=2 .><Q.>6Z

6.64Q6.5;Z

.7 fh Bddhstrg, Fha`ggr, Ufjjdr (=;74).

Ycurid? Bddhstrg, Fha`ggr, Ufjjdr (=;74).

Cvdr tnd pgst ng`b-idhtury, eud tc tnd ]dpum`fi cb Acrdg‖s strchl lrcwtn pdrbcrjghid,fts dichcjy ngs dxpdrfdhide g bgst igtin-up tc gevghide dichcjfds fh pdr igpftgcutput ghe fhicjd (Bflurd 7).5 Und ]dpum`fi cb Acrdg ngs ginfdvde tnd nfln-fhicjd`dvd` fh g ng`b-idhtury, wftn pdr igpftg fhicjd cb $=.7 fh Bddhstrg, Fha`ggr, ghe Ufjjdr (=;74).


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GEMF \crafhl [gpdr 4,>4; [[[, wnfin fsicjpgrgm`d tc tnd ]dpum`fi cb Acrdg‖s 76>> `dvd` (f.d., $6,79< [[[) ghe Ogpgh‖s 762>`dvd` (f.d., $6,4=< [[[). Und []I fs tnus jcrd tngh =; ydgrs mdnfhe tnd ]dpum`fi cbAcrdg ghe jcrd tngh 5; ydgrs mdnfhe Ogpgh.

Bflurd = sncws tnd dvcùtfch cb pdr igpftg LE[ `dvd`s cb tnd tnrdd Gsfgh dichcjfds

rd`gtfvd tc tnd TY cvdr tfjd. Und vgùds grd 4-ydgr gvdrglds, jgtinde wftn gvdrgldLE[ lrcwtn rgtds fh tnd icrrdspchefhl pdrfce. 4 Und ]dpum`fi cb Acrdg‖s sustgfhdelrcwtn ichtrfmutde tc hgrrcwfhl tnd lgp fh fts pdr igpftg LE[ wftn tnd TY, gs ftdxpdrfdhide g vdry rgpfe igtin-up tc tnd TY fh pdr igpftg cutput. Und vgùd cb pdrigpftg cutput fhirdgsde brcj gpprcxfjgtd`y 7;% cb tnd TY vgùd fh 762; tc jcrd tngh2;% fh tnd `gtd =;;;s.

Bflurd = sncws tngt tnd pgid cb tnd igtin-up s`cwde gs tnd ]dpum`fi cb Acrdgdichcjy hgrrcwde fts pdr igpftg fhicjd lgp icjpgrde tc tngt cb tnd TY. \nf`dfhicjd pdr igpftg fh tnd ]dpum`fi cb Acrdg wgs `dss tngh =;% cb tnd TY gvdrgld fh tnd76;s, ghhug` pdr igpftg LE[ lrcwtn rdginde ch`y %. My tnd tfjd tnd]dpum`fi cb Acrdg rdginde 4;% cb TY pdr igpftg fhicjd fh =;;;, fts ghhug` lrcwtnrgtd nge s`cwde tc 9%’5%.

Und ]dpum`fi cb Acrdg dxpdrfdhid rdsdjm`ds tngt cb Ogpgh. Ogpgh‖s ghhug` pdr igpftgLE[ lrcwtn ercppde brcj >.2% fh tnd 762;s tc 9%’5% fh tnd 76;s gs ftspdr igpftg fhicjd oujpde brcj gmcut 5;% tc cvdr 2;% cb tnd TY `dvd` cvdr tnd pdrfce(Bflurd =).

Und dvcùtfch cb pdr igpftg fhicjd ghe lrcwtn rgtds cvdr tfjd igh md dxp`gfhde my tndicheftfchg` ichvdrldhid tndcry. Icheftfchg` ichvdrldhid cb pdr igpftg (cr pdr wcradr)cutput fs prdefitde my gh dxtdhede vdrsfch cb tnd hdci`gssfig` lrcwtn jced`, gsedsirfmde my Mgrrc ghe Yg`g-f-Jgrtfh (=;;5). G icuhtry wftn g `cw fhftfg` pdr igpftgcutput rd`gtfvd tc fts cwh `chl-ruh (cr stdgey-stgtd) pctdhtfg` `dvd` cb pdr igpftg cutputlrcws bgstdr tngh g icuhtry wftn g nflndr `dvd` cb pdr igpftg cutput. Und mgsfi ichidpt

fs tngt tnd bgrtndr g icuhtry fs `cigtde brcj fts stdgey-stgtd cutput cr fhicjd `dvd`, tndlrdgtdr tnd lgp cb rdprceuifm`d pnysfig` ghe nujgh igpftg` stcia ghe prceuitfvfty (f.d.,tdinhc`cly) brcj fts `chl-ruh `dvd`s. Und lgp cb dxfstfhl pnysfig` ghe nujgh igpftg`brcj stdgey-stgtd `dvd`s cbbdrs tnd inghid bcr g rgpfe igtin-up vfg nfln rgtds cb pnysfig`ghe nujgh igpftg` giiuju`gtfch, wnfin grd dhicurglde my nflndr rgtds cb rdturh chfhvdstjdht. Fh geeftfch, tnd lrdgtdr tdinhc`cly lgp stfju`gtds bgstdr prceuitfvftyfjprcvdjdht vfg tnd efbbusfch cr fjftgtfch cb tdinhc`cly brcj jcrd tdinhc`clfig``ygevghide dichcjfds. Undrdbcrd, tnd `cwdr tnd fhftfg` `dvd` cb pdr igpftg cutput rd`gtfvdtc tnd stdgey stgtd, tnd nflndr tnd sumsdqudht lrcwtn.

4 Und uhedr`yfhl egtg grd tnd geoustde [[[ vgùds brcj tnd [dhh-\crè Ugm`d >.7 fh Bddhstrg, Fha`ggr,

ghe Ufjjdr (=;74). Bcr =;7=, =;79, ghe =;75, tnd vgùds grd dstfjgtde brcj fhbcrjgtfch ch rdg` LE[lrcwtn rgtds brcj FJB (=;74).


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yf/yo : (a ķ/a ȼ )(nķ/nȼ )(Gf/Go), (9)

wndrd : (7∝) , ℈ : ℈.Dqugtfch (9) dhgm`ds tnd edicjpcsftfch cb tnd efbbdrdhids fh pdr wcradr LE[ mdtwddh

twc icuhtrfds fhtc tnd efbbdrdhids fh tnd pnysfig` igpftg`’`gmcr rgtfc, nujgh igpftg` pdruhft cb `gmcr, ghe UB[. Hctd tngt tnfs brgjdwcra rd`fds ch sdvdrg` sfjp`fbyfhlgssujptfchs. Und dstfjgtd cb UB[, wnfin fs gh uhcmsdrvgm`d ‐rdsfeug`,‚ jgyfhicrpcrgtd jghy d`djdhts ctndr tngh prceuitfvfty, suin gs hgturg` rdscurids ghemusfhdss iyi`d bgitcrs. Und efstfhitfch mdtwddh bgitcr giiuju`gtfch ghe tdinhc`cly(f.d., prceuitfvfty) fhirdgsd fs cbtdh gjmflucus, mdigusd G, a, ghe n grd hctfhedpdhedht cb dgin ctndr.

Und TY fs ichsfedrde g rdbdrdhid icuhtry ( o) fh dqugtfch (9). Unus, tnd vgùd cb dgintdrj fh dqugtfch (9) fhefigtds tnd `dvd` cb pdr wcradr cutput, pnysfig` igpftg` pdrwcradr, nujgh igpftg` pdr wcradr, ghe UB[ cb tnd ]dpum`fi cb Acrdg ( f) rd`gtfvd tc tngtcb tnd TY.

Uc icheuit tnd edicjpcsftfch cb cutput, egtg ch LE[ ghe pnysfig` igpftg` stcia grdic``ditde brcj tnd [dhh-\crè Ugm`d >.7 (Bddhstrg, Fha`ggr, Ufjjdr =;74). @gmcrsngrds grd gssujde tc md ;.2 gircss icuhtrfds ghe cvdr tfjd. Und wcrafhl-gldpcpu`gtfch, scuride brcj tnd Thftde Hgtfchs (=;74), fs usde gs g jdgsurd bcr tndhujmdr cb wcradrs. Und gvgf`gm`d ircss-icuhtry scurids cb `gmcr bcrid cr djp`cyddsgrd `dss rd`fgm`d tngh tncsd cb tnd wcrafhl-gld pcpu`gtfch.

Nujgh igpftg` pdr wcradr fs jdgsurde my tnd suj cb tnd sngrds cb wcradrs gircss g``deuigtfch igtdlcrfds wdflntde my tndfr rd`dvght prceuitfvfty, jdgsurde my rd`gtfvdwgld rgtds (Mgrrc ghe @dd =;74). Und rd`gtfvd wgld rgtd cb g wcradr wftn sincc`fhl fsigìu`gtde my gssujfhl g ichstght jgrlfhg` rdturh rgtd tc gh geeftfchg` ydgr cbsincc`fhl cb 7;%, wnfin fs tnd wcrè gvdrgld ([sgingrcpcu`cs 7665).

Ugm`d = prdsdhts tnd dvcùtfch cb tnd lgp fh pdr wcradr cutput mdtwddh tnd ]dpum`ficb Acrdg ghe TY cvdr tfjd, wnf`d gssdssfhl tnd scurids cb tnd ]dpum`fi cb Acrdg‖sigtin-up tc tnd TY. Und ]dpum`fi cb Acrdg dxpdrfdhide g vdry rgpfe igtin-up fh pdrwcradr cutput cvdr tfjd. Und vgùd cb pdr wcradr cutput fhirdgsde brcj >% cb tnd TYvgùd fh 762; tc 27% fh =;7;. Und cutput igtin-up prcidss fs gsscifgtde wftn strchligtin-up fh pnysfig` ghe nujgh igpftg` giiuju`gtfch ghe UB[. [nysfig` igpftg` sncwstnd bgstdst dxpghsfch? tnd `dvd` cb pnysfig` igpftg` stcia pdr wcradr fh tnd ]dpum`fi cbAcrdg rd`gtfvd tc tngt cb tnd TY fhirdgsde trdjdhecus`y brcj


11/35

GEMF \crafhl [gpdr 4 ;.;< ;.2; ;.97

76

76>; ;.=; ;.74 ;.26 ;.49

766; ;.99 ;.=5 ;.>7 ;.2<

=;;; ;.5< ;.54 ;.>> ;.

Ogpgh 762; ;.=6 ;.7< ;.>9 ;.22

76

76>; ;.26 ;.26 ;.;

=;7; ;. 7.74 ;.6= ;.

[dcp`d‖s]dpum`fi cbInfhg

762; ;.;< ;.;= ;.4; ;.5<

76; ;.;2 ;.;9 ;.4= ;.9<

766; ;.;< ;.;5 ;.45 ;.94

=;;; ;.;6 ;.;6 ;.46 ;.95

=;7; ;.7< ;.=; ;.27 ;.55

Hctds? Egtg ch cutput ghe pnysfig` igpftg` stcia grd scuride brcj Bddhstrg, Fha`ggr, Ufjjdr (=;74), ghe egtg ch tndwcrafhl-gld pcpu`gtfch grd scuride brcj tnd Thftde Hgtfchs (=;79). Nujgh igpftg` pdr wcradr fs jdgsurde my tndwdflntde suj cb tnd sngrds cb wcradrs ju`tfp`fde my tnd rd`gtfvd wgld rgtds gircss g`` deuigtfch igtdlcrfds. ]d`gtfvdwgld rgtds grd ichstruitde gssujfhl tngt tnd rgtds cb rdturh tc gh geeftfchg` sincc`fhl ydgr grd ichstght gt 7;%.

Ycurid? Gutncr‖s igìu`gtfchs.

Fh geeftfch, Ugm`d = sncws tngt tndrd fs g sflhfbfight efbbdrdhid fh tnd `dvd`s cb pdrwcradr cutput mdtwddh tnd []I ghe tnd tnrdd gevghide dichcjfds fh tnd stuey. Fh=;7;, tnd vgùd cb pdr wcradr cutput fh tnd []I wgs ch`y 7; `dvd` (f.d., =;%). ;s. Und []I‖s rd`gtfvd prceuitfvfty `dvd` (55%)fh =;7; fs `cwdr tngh tngt cb tnd ]dpum`fi cb Acrdg fh 76>;.

Dqugtfch (9) igh md trghsbcrjde my tgafhl `cls tc dxprdss tnd `cl efbbdrdhid fh pdrwcradr cutput cb tnd ]dpum`fi cb Acrdg wftn tnd TY gs gh geeftfvd suj cb tnrddicjpchdhts?

< Ichsfedrfhl tngt tnd []I ngs lrcwh juin bgstdr tngt tnd TY cvdr tnd pgst 4 ydgrs, tnd vgùd cb pdr

wcradr cutput fh tnd []I fh =;74 fs dstfjgtde tc md gpprcxfjgtd`y =9% cb tngt vgùd fh tnd TY. Hctd

tngt tnd lgp fh pdr wcradr cutput cb tnd []I wftn TY fs juin `grldr tngh tngt fh pdr igpftg cutput,mdigusd tnd []I ngs g `grldr sngrd cb wcradrs fh tctg` pcpu`gtfch tngh tnd TY.


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GEMF \crafhl [gpdr 4;% cb tngt cb tnd TY, tnd ]dpum`fi cb Acrdg‖s pdr wcradr cutput wcu`e oujp tc


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GEMF \crafhl [gpdr 4 Und rgtd cb rdturh cb igpftg` edi`fhde, gs fhefigtde my tnd]dpum`fi cb Acrdg‖s `cw rdg` fhtdrdst rgtd. Und pdrjghdht edprdssfch cb fhvdstjdhtwcu`e ngvd hdlgtfvd ichsdqudhids bcr tnd ]dpum`fi cb Acrdg dichcjy‖sigtin-up pgid.

Fh geeftfch, Bflurd 5 edpfits fhvdstjdht rgtds bcr Ogpgh ghe tnd []I. Ogpgh‖sfhvdstjdht rgtds fhirdgsde tc 5;% fh 76 Mgrrc ghe @dd (=;;9) sulldstde tngt, mgsde ch mrcge fhtdrhgtfchg` dvfedhid, g bfhghifg` irfsfs typfig``y

ngs g pdrsfstdht gevdrsd dbbdit ch fhvdstjdht. Fh geeftfch, tndy bcuhe tngt tnd 766 Gsfgh bfhghifg`irfsfs ngs nge g `chl-tdrj hdlgtfvd fjpgit ch fhvdstjdht fh tnd ]dpum`fi cb Acrdg‖s dichcjy.


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GEMF \crafhl [gpdr 4)

@cl (tctg` bdrtf`fty rgtd) ’;.;=52*** ’;.;7>4***

(;.;;554) (;.;;2==)

Gvdrgld ydgrs cb sincc`fhl ’;.;;94=* ’;.;;44=**

(;.;;7>9) (;.;;=59)

Gvdrgld ydgrs cb sincc`fhl squgrde ;.;;;=6=** ;.;;;924**

(;.;;;7==) (;.;;;74>)

7/@fbd dxpditghiy ’9.=**(;.;=2=) (;.;=25)

Icuhtry bfxde dbbdit hc yds

[drfce eujjfds yds yds

Hc. cb dichcjfds, cmsdrvgtfchs


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18/35

GEMF \crafhl [gpdr 4;, 76>;’=;;;, ghe=;;;’=;7;. Und rdsu`ts fh pghd` G cb Ugm`d 5 grd mgsde ch tnd dstfjgtds fh ic`ujh (7)cb Ugm`d 91 tnd dstfjgtde lrcwtn rgtd efbbdrdhtfg`s grd =.;, =.2, ghe 9.7 pdridhtgldpcfhts bcr dgin sumpdrfce, wnf`d tnd gitug` efbbdrdhids grd 5.;, 9.6, ghe =.6 pdridhtgldpcfhts. Undrdbcrd, tnd jced` uhedrdstfjgtds tnd ]dpum`fi cb Acrdg‖s rd`gtfvd lrcwtnpdrbcrjghid fh tnd dgr`fdr sumpdrfces.

7= Tsfhl tnd sgjd tdinhfqud, Ed Lrdlcrfc ghe @dd (=;;5) icjpgrde tnd dichcjfi pdrbcrjghid cb Dgst Gsfgh dichcjfds rd`gtfvd tc tncsd fh @gtfh Gjdrfig, ghe sncwde tngt tnd mdttdr lrcwtn pdrbcrjghidcb Dgst Gsfg fs `grld`y gttrfmutgm`d tc ‐buhegjdhtg` lrcwtn bgitcrs,‚ fhi`uefhl nfln sgvfhls rgtds,

strchl nujgh igpftg`, nfln trged cpdhhdss, jgfhtdhghid cb lcce fhstftutfchs, ghe pruedht bfsig` ghejchdtgry jghgldjdht.


19/35

GEMF \crafhl [gpdr 4;, 76>;’=;;;, ghe =;;;’=;7;

(%, ghhug` gvdrgld)

762;’76>; 76>;’=;;; =;;;’=;7; (=;;;’=;7;)

\ftncut Icuhtry-Bfxde Dbbdits (G)

Efbbdrdhid fh

Gitug` lrcwtn ;.;964 ;.;9>< ;.;=65

[rdefitde lrcwtn ;.;764 ;.;=46 ;.;9;6 (7;;.;%)

Fhftfg` fhicjd ;.;5>5 ;.;=65 ;.;724 (49.9%)

Fhvdstjdht rgtd ;.;;=9 ;.;;52 ;.;;57 (79.=%)

Bdrtf`fty ’;.;7== ;.;;== ;.;79= (5=.>%)

Yincc`fhl ’;.;;= ’;.;;=7 (’ ;.;;;9 (;. ’;.;;47 ’;.;;79 (’9.>%)

Fhb`gtfch rgtd ’;.;;=5 ’;.;;;4 ’;.;;;= (’;.2%)

Edjcirgiy ;.;;72 ;.;;=; ;.;;;> (=.9%)

Cpdhhdss ;.;;7= ;.;;== ;.;;=2 (


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Und giicuhtfhl dxdrifsd fh Ugm`d 5 mrdgas ecwh tnd prdefitde efbbdrdhids sdpgrgtd`yfhtc tnd ichtrfmutfchs brcj tnd 77 dxp`ghgtcry vgrfgm`ds. Und rdsu`t sncws tngttnd `cwdr fhicjd `dvd` cb tnd ]dpum`fi cb Acrdg icjpgrde tc tngt cb tnd TY `de tcnflndr lrcwtn cvdr tnd wnc`d pdrfce mdigusd cb tnd ichvdrldhid dbbdit. Ncwdvdr,tnd jglhftued cb tnd ichvdrldhid dbbdit mdigjd sjg``dr cvdr tfjd gs tnd ]dpum`ficb Acrdg igulnt up tc tnd TY fh pdr igpftg fhicjd? tnfs dbbdit edi`fhde brcj5.> pdridhtgld pcfhts g ydgr cvdr 76;’=;;;, ghe tndh 7.< pdridhtgld pcfhts g ydgr fh =;;;’=;7;.

\nf`d tnd ichvdrldhid dbbdit fs gh fjpcrtght bgitcr dxp`gfhfhl tnd ]dpum`fi cb Acrdg‖slrcwtn pdrbcrjghid, tnd rdst cb tnd dxp`ghgtcry vgrfgm`ds g`sc fhbùdhide g sflhfbfightpgrt cb tnd lrcwtn efbbdrdhid. Bcr dxgjp`d, eurfhl =;;;’=;7;, tnd jced` prdefitsgh gvdrgld lrcwtn rgtd bcr tnd ]dpum`fi cb Acrdg tngt fs 9.7 pdridhtgld pcfhts pdrydgr nflndr tngh tngt cb tnd TY. Und ichvdrldhid dbbdit dxp`gfhs g efbbdrdhid cb7.< pdridhtgld pcfhts, wnf`d tnd rdst cb tnd bgitcrs fhbùdhifhl lrcwtn dxp`gfh tndrdjgfhedr (7.5 pdridhtgld pcfhts).

Und dxdrifsd sncws tngt nflndr fhvdstjdht rgtds fh tnd ]dpum`fi cb Acrdg dxp`gfh gmcut;.=∝;.4 pdridhtgld pcfhts, ghe trged cpdhhdss giicuhts bcr gmcut ;.7∝;.= pdridhtgldpcfhts fh lrcwtn efbbdrdhtfg`s cvdr tnd wnc`d pdrfce. Und lgp mdtwddh tnd ]dpum`fi cbAcrdg ghe TY fh tdrjs cb nujgh rdscurids (f.d., sincc`fhl ghe `fbd dxpditghiy)ichtrfmutds tc `cwdrfhl tnd lrcwtn cb tnd ]dpum`fi cb Acrdg rd`gtfvd tc tngt cb tndTY my 7.5 pdridhtgld pcfhts cvdr 762;’76>;. Ncwdvdr, gs tnd ]dpum`fi cb Acrdgdxpdrfdhide fjprcvdjdhts fh nujgh rdscurids, tnd nujgh rdscurids vgrfgm`dsdxp`gfh g sjg``dr efbbdrdhid cb ;.9 pdridhtgld pcfhts fh =;;;’=;7;.

Fh geeftfch, tnd ]dpum`fi cb Acrdg ngs fjprcvde fhstftutfchg` qug`fty, wnfin ngsichtrfmutde pcsftfvd`y tc lrcwtn. Und rd`gtfvd`y `cw `dvd` cb tnd ru`d cb `gw vgrfgm`dgiicuhts bcr gmcut ;.>∝;.6 pdridhtgld pcfhts cb s`cwdr lrcwtn cb tnd ]dpum`fi cb Acrdgrd`gtfvd tc TY cvdr 762;’=;;;. Ncwdvdr, tnfs ercps tc ch`y ;.= pdridhtgld pcfhtsfh =;;;’=;7;. Und Gppdhefx sncws tnd vgùds cb tnd vgrfgm`ds fh 7624’76


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GEMF \crafhl [gpdr 42 ;.6; ;.>< ;.;2 ’;.45 ’;.69 ’;.= ’;.=7 ;.95 ’;.== ’;.2 ’;.>7 ’;.=6 ’;.> 7.49 7.;9 ;.42 ;.2= ;.;6 ’;.74

L]w =.75 =.45 =.42 7.95 7.54 ’;.;< ’;.97 ’7.;2

L]w’L]p ’;.7> ;.22 7.;9 ;.97 ;.>6 ’;.26 ’;.5; ’;.67

L]p : pcpu`gtfch lrcwtn, L]w : wcrafhl-gld pcpu`gtfch lrcwtn.

Ycurid? Gutncr‖s ig`iu`gtfchs mgsde ch tnd Thftde Hgtfchs (=;79).

Cvdrg``, tnd ]dpum`fi cb Acrdg‖s nfstcrfig` dxpdrfdhid cb dichcjfi lrcwtn ghe igtin-uptc tnd TY fs `grld`y gttrfmutde tc tnd ]dpum`fi cb Acrdg‖s bgvcrgm`d lrcwtn bgitcrs.]d`gtfvd`y `cw pdr wcradr cutput `dvd`, nfln fhvdstjdht rgtd, strchl nujgh igpftg`, nflntrged cpdhhdss, jgfhtdhghid cb lcce fhstftutfchs, ghe `cw fhb`gtfch ngvd ichtrfmutde tcstrchl lrcwtn. Yfhid tnd ]dpum`fi cb Acrdg‖s rgpfe`y lrcwfhl dichcjy ngs ichtfhudetc hgrrcw tnd lgp wftn tnd TY fh pdr igpftg fhicjd ghe `dvd`s cb dhvfrchjdhtg` ghe

fhstftutfchg` vgrfgm`ds, ft ngs fhdvftgm`y dhicuhtdrde g s`cwecwh fh lrcwtn pctdhtfg`.

5. YDIUC] []CETIUFRFUV GHE DICHCJFI L]C\UNFH UND ]D[TM@FI CB AC]DG

Und ]dpum`fi cb Acrdg‖s rdjgragm`d dichcjfi trghsbcrjgtfch sfhid tnd dgr`y 762;sngs mddh ingrgitdrfzde my bgst fheustrfg`fzgtfch ghe strchl dichcjfi lrcwtn, wftntnd jghubgiturfhl sditcr mdfhl g ady lrcwtn erfvdr. Fh tnd dgr`y 762;s, tnd ]dpum`ficb Acrdg snfbtde fts dichcjfi pc`fiy bcius brcj fjpcrt sumstftutfch tc dxpcrtcrfdhtgtfch, tc suppcrt fheustrfg`fzgtfch ghe dichcjfi lrcwtn. Dxpcrt-crfdhtde pc`fifds,edsflhde tc prcvfed fhidhtfvds tc dxpcrt bfrjs mgsde ch tndfr pdrbcrjghid, wdrd

dbbditfvd fh pusnfhl tnd pgid cb inghld fh icjpgrgtfvd gevghtgld. Und dxpcsurd tc


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GEMF \crafhl [gpdr 4 ;.44

Jghubgiturfhl 7.;; 7.;; 7.;; 7.;;

Ydrvfids ;.5> ;.65 ;.25 ;.25

\nc`dsg`d ghe rdtgf` trged, nctd`s,ghe rdstgurghts

;.=4 ;.2; ;.42 ;.9>

Urghspcrt, stcrgld, gheicjjuhfigtfchs

;.27 7.;; 7.;2 ;.>9

Bfhghid, rdg` dstgtd, ghe musfhdsssdrvfids

;.>9 7.44 7.5 ;.97 ;.5>

Ctndrs ;.9 ;.>=

Jfhfhl ghe qugrryfhl 7.66 7.75 7.>= =.55

D`ditrfifty, lgs, ghe wgtdr 9.25 2.57 =. ;.67 ;.4> ;.2>

Hctds? Ogpgh usds =;;6 vgùds bcr =;7;. Bcr fhtdrhgtfchg` icjpgrfsch, tnd rd`gtfvd `dvd` cb pdr wcradr vgùd geede fsigìu`gtde usfhl hcjfhg` vgùd geede.

Ycurids? \crè A@DJY, nttp?//www.wcrèa`djs.hdt1 Gsfg A@DJY, nttp?//gsfga`djs.hdt1 ghe ]FDUF. Infhg Fheustrfg`[rceuitfvfty (IF[) 9.; Egtgmgsd. nttp?//www.rfdtf.lc.op/dh/egtgmgsd/IF[=;74/fhedx.ntj`.

Ugm`d


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GEMF \crafhl [gpdr 4;’766;

766;’=;;;

=;;;’=;7;

76>;’=;7;

Ogpgh

Glrfiu`turd, nuhtfhl, bcrdstry, ghe bfsnfhl 9.6= =.99 7.95 =.4<Jghubgiturfhl 9.=4 7.5> =.;; =.=4

Ydrvfids 7.96 ;.54 ;.=2 ;. ’;.;6

D`ditrfifty, lgs, ghe wgtdr 2.72 =.26 =.96 9.;

Bfhghid, rdg` dstgtd, ghe musfhdss sdrvfids 77.;= 9.57 ’9.;; 9.42

Icjjuhfty ghe lcvdrhjdht sdrvfids ’=.94 ’>.6; =.29 ’=.>6

Ctndrs ’7.97 ’;.76 5. 7.7<Jfhfhl ghe qugrryfhl ’9.24 2.96 7.59 7.42

D`ditrfifty, lgs, ghe wgtdr 2.29 ’>.< ’7.69 9.9> ’;. 7.54 7.99 7.=4

Hctds? Egtg brcj tnd [dcp`d‖s ]dpum`fi cb Infhg grd brcj 76>7 tc =;7;, ghe egtg brcj Ogpgh grd brcj 76>; tc =;;6.

Ycurids? \cr`e A@DJY, nttp?//www.wcr`ea`djs.hdt1 Gsfg A@DJY, nttp?//gsfga`djs.hdt1 ghe ]FDUF. Infhg Fheustrfg`[rceuitfvfty (IF[) 9.; Egtgmgsd. nttp?//www.rfdtf.lc.op/dh/egtgmgsd/IF[=;74/fhedx.ntj`.


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GEMF \crafhl [gpdr 4;’=;7;(%)

LE[ : lrcss ecjdstfi prceuit.

Ycurids? Gutncr‖s igìu`gtfchs mgsde ch sditcr djp`cyjdht egtg brcj \crè A@DJY, nttp?//www.wcrèa`djs.hdt1 Gsfg A@DJY, nttp?//gsfga`djs.hdt1 ghe ]FDUF. Infhg Fheustrfg` [rceuitfvfty (IF[) 9.; Egtgmgsd. nttp?//www.rfdtf.lc.op/dh/egtgmgsd/IF[=;74/fhedx.ntj`. LE[ egtg grd brcj Bddhstrg, Fha`ggr, ghe Ufjjdr (=;74).


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GEMF \crafhl [gpdr 4;s.

Ft fs i`dgr tngt tndrd ngvd mddh jgocr djp`cyjdht snfbts tcwgre tnd sdrvfids sditcr fhsd`ditde Gsfgh dichcjfds cvdr 76>;’=;7;. Fh tnd ]dpum`fi cb Acrdg, tnd sngrd cbdjp`cyjdht fh tnd sdrvfids sditcr fhirdgsde ergjgtfig``y brcj 9; tc 2;’=;7;. Unfs sngrd fhirdgsde fh Ogpgh brcj 49.7% tc


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GEMF \crafhl [gpdr 4;s rdb`dits g strchl ichvdrldhiddbbdit bud`de my dichcjfi rdbcrj ghe cpdhfhl. Fh geeftfch, gmuheght nujgh rdscurids,nfln sgvfhls ghe fhvdstjdht rgtds, ghe pruedht jgircdichcjfi jghgldjdht ngvdichtrfmutde tc tnd strchl lrcwtn. Und []I‖s dichcjfi pcwdr ichtfhuds tc rfsd, jgafhlft tnd `grldst dichcjy fh tnd wcr`e. Fts sngrd cb wcr`e LE[ fh [[[ tdrjs fs prcoditde tcrdgin gmcut 7


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GEMF \crafhl [gpdr 4% bcrghctndr =; ydgrs my rgpfe`y hgrrcwfhl fts tdinhc`cly ghe pdr igpftg fhicjd lgp wftntncsd cb tnd TY tnrculn tdinhc`clfig` fjftgtfch ghe gegptgtfch tnrculn `dvdrglfhl g‐`gtdicjdr gevghtgld.‚

Mgsde ch tnd dxpdrfdhid cb tnd ]dpum`fi cb Acrdg gs wd`` gs g mrcge sgjp`d cbicuhtrfds cvdr tfjd, g edi`fhd cb tnd []I‖s lrcwtn pctdhtfg` sddjs fhdvftgm`d eud tctnd efjfhfsnfhl pgid cb ichvdrldhid. Fb tnd dstfjgtde ichvdrldhid dbbdit brcj tndircss-icuhtry rdlrdssfch prdvgf`s, tnd []I‖s pdr wcradr LE[ lrcwtn fs dxpditde tcedi`fhd my 7.2 tc =.5 pdridhtgld pcfhts wndh fts pdr wcradr LE[ ecum`ds. Und []I‖s

pdr wcradr LE[ lrcwtn rgtd wgs >.4% cvdr =;;;’=;7;, rgfsfhl pdr wcradr LE[ mygmcut =.=2 tfjds cvdr tnd pdrfce. Ndhid, tnd ichvdrldhid dbbdit fjp`fds tngt g sjg``drpdr wcradr LE[ lgp wcu`e `cwdr tnd pdr wcradr LE[ lrcwtn rgtd tc 4.


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GEMF \crafhl [gpdr 4;’=;7;,wnfin fs sflhfbfight`y `cwdr tngh tnd jghubgiturfhl sditcr‖s 74.;%. Und ghhug` lrcwtnrgtds fh pdr wcradr vg`ud geede fhirdgsde tc 4.>% eurfhl =;;;’=;7; brcj gh ghhug`gvdrgld cb ’;.7’766; ghe ’7.9% eurfhl 766;’=;;;. []I sdrvfidsfheustrfds―fh pgrtfiu`gr tnd wnc`dsg`d ghe rdtgf` trged, nctd`s, ghe rdstgurghts fheustryghe tnd trghspcrt, stcrgld, ghe icjjuhfigtfchs sdrvfids fheustry―sncwde strchl,pcsftfvd lrcwtn cb pdr wcradr vg`ud geede fh tnd rdidht ediged. Ncwdvdr, tnd bfhghid,rdg` dstgtd, ghe musfhdss sdrvfids fheustry sncwde hdlgtfvd lrcwtn. Yditcr egtg grdsumodit tc jdgsurdjdht drrcrs mdigusd cb egtg ichstrgfht gt fheustry `dvd`. Gsefsiussde my Jgeefsch (=;;


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Und lcvdrhjdht ngs fjp`djdhtde struiturg` inghld ghe lrcwtn-dhnghifhl pc`fids fhlrgeug` ghe prgljgtfi wgys (Hgulntch =;;


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GEMF \crafhl [gpdr 49.

Vgc, V. =;79. Und Infhdsd Lrcwtn Jfrgi`d. Fh Nghemcca cb Dichcjfi Lrcwtn,Rc`. =(M), deftde my [. Glnfch ghe Y. H. Eur`gub. [nf`ged`pnfg? D`sdvfdr.


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