South Korea Infrastructure Report Q4 2010
Business Monitor International, September 2010, Pages: 83
Business Monitor International's South Korea Infrastructure Report provides industry professionals and strategists, corporate analysts, infrastructure associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on South Korea's infrastructure industry.
Like many of its peers, South Korea is currently on an economic cusp as it wavers between inexorable, self-sustained growth and potential stagnation as stimulus spending winds down. The country’s economy grew by 2.1% in Q110, which was faster than many expected, but a weakening in the construction industry slowed the pace of growth to 1.5% in Q210. Although the drop in the growth rate was not by an alarming amount, it does stoke fears that the economic growth may not yet be self-sufficient and that the winding down of stimulus spending may have been disastrously premature. However, BMI remains bullish on the South Korea’s construction sector in the long-term, with growth of 2.54% expected in 2010 to KRW70,386bn (US$60.28bn), similar to pre-crisis levels.
Recent developments impacting our view include:
- New historic data for South Korea's construction industry have prompted a revision in our forecasts for the construction sector and its two subsectors – infrastructure, and residential and non-residential building. Based on these forecasts, infrastructure will continue to outperform, overtaking residential and non-residential building in terms of contribution to overall construction industry value by the end of our forecast period – 2014.
- Initial impressions suggest that the stimulus plan has been successful and should continue to drive growth in the infrastructure sector as it was designed to be long-sighted. Indeed, some of the investment plans are to take place over 10 years, indicating that value creation will continue in the sector over the coming years, and definitely until the end of our forecast period – 2014 ! The country is continuing its early-stage efforts to move away from reliance on oil as its major industry is expected to spend a combined KRW22,400bn (US$18.5bn) by 2013 on alternative energy projects, such as solar technology.
BMI expects the infrastructure sector to out-perform over the forecast period. Real growth will hit 11.2% in 2010 and remain an average annual rate of 9% from 2011 to 2014, bringing the total sector value to KRW50.6trn (US$50.61bn). South Korea’s business environment score has also risen this quarter sending the country into first place in BMI’s rankings for the Asia Pacific region. Overall, the country continues to perform well thanks to a tightly regulated business environment, and continuing strong growth in areas such as infrastructure.
Executive Summary
SWOT Analysis
- South Korea Infrastructure SWOT
- South Korea Infrastructure Project Finance SWOT
- South Korea Economic SWOT
- South Korea Political SWOT
Market Overview
- South Korea
Industry Forecast Scenario
- Table: Construction And Infrastructure Industry Data
- Construction And Infrastructure Forecast Scenario
Transport Infrastructure
- Table: Transport And Infrastructure Industry Data
- Transport Infrastructure Forecast Scenario
- Transport Infrastructure Overview
- Major Projects – New And Ongoing Projects
- Airports
- Ports
- Roads
- Railways
- Major Projects Table – Transport
- Table: Major Infrastructure Projects –Transport
Energy And Utilities Infrastructure
- Table: South Korea: Energy And Utilities And Infrastructure Industry Data
- Energy And Utilities Infrastructure Forecast Scenario
- Energy And Utilities Infrastructure Overview
- Major Projects – New And Ongoing Projects
- Power Plants
- Pipelines
- Major Projects Table – Energy And Utilities
- Table: Major Infrastructure Projects – Energy And Utilities
Business Environment
- South Korea Business Environment
- Rewards
- Risks
Regional Overview
- Asia Pacific Infrastructure Business Environment Ratings
- Table: Asia Pacific Infrastructure Business Environment Ratings
- Project Finance Ratings
- South Korea Project Finance Ratings
- Design And Construction
- Commissioning And Operating
- Overall Project Finance Rating
- Regional Overview
- Project Finance Ratings: Outlook For Asia Pacific
- Table: Design And Construction Rating
- Table: Commissioning And Operating Rating
- Table: Overall Project Finance Rating
Macroeconomic Outlook
- Table: South Korea - Economic Activity
- Political Outlook
- Domestic Politics
- Foreign Policy
- Long-Term Political Outlook
Company Monitor
- Hyundai Engineering and Construction
- Doosan Heavy Industries & Construction
- Global Overview
- Core Views
BMI's Core Views For Infrastructure Sector
- Methodology
- New Infrastructure Data Sub-sectors: Methodology
- Infrastructure Forecasts: Methodology
- Sources
- Industry Forecasts
- Construction Industry
- Data Methodology
- Construction
- Capital Investment
- Construction Sector Employment
- Infrastructure Business Environment Rating
- Table: Infrastructure Business Environment Indicators
- Project Finance Ratings
- Table: Design And Construction Phase
- Table: Commissioning And Operating Phase – Commercial Construction
- Table: Commissioning And Operating Phase – Energy And Utilities
- Table: Commissioning And Operating Phase – Transport
- Sources
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- Hyundai Engineering and Construction
- Doosan Heavy Industries & Construction
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