Economic Data Analysis

• Public Opinion Survey

  Public and expert opinion surveys are conducted on pending economic issues and policies on the direction of economic policy, fiscal management strategy, real estate market trends, and Korea’s New Deal Initiative, which provided fundamental information to formulate and implement government policies.

  EIEC also conducted a preliminary feasibility study and tenant demand survey on corporations located in industrial complexes and in-depth taxation assessment, which helped project evaluations produce more specific and accurate results, improving budget allocation and efficiency.

  EIEC established and operated an internal expert panel consisting of 800 economic experts and another two panels of 22 and 113 experts on the macro economy and real estate, respectively.

  The experts are regular respondents of the Survey on Professional Forecasters (SPF) and support developing future- oriented policies. In particular, EIEC established cooperative networks with the World Bank and the World Economic Forum (WEF), joining as a partner institute for global competitiveness reports.

• Big Data Analysis and Visualization

  EIEC developed a Korean version of the Economic Policy Uncertainty (EPU) Index based on news texts analysis, releasing it once a month since 2019. EPU supports the decision-making process for policy responses and can be used as indices to forecast future economic trends.

  Moreover, EPU facilitates policy directions based on public awareness and opinion shifts by providing social big data analysis results regarding major economic issues.

  It also offers online content such as interactive graphs to help the general public intuitively understand social and economic changes in the post-COVID-19 era.

• Economic Policy Information Database

  The Economic Policy Information Database (EPIC) compiles policy information and research materials released by domestic economic authorities, including the Ministry of Economy and Finance and related organizations, the world’s leading economic research institutions (Brookings, NBER, etc.), and relevant international organizations (IMF, World Bank, WTO, etc.).

  As the largest information database on economic policies in Korea launched in 1991, EPIC currently contains about 360,000 entries on bibliographic information and original documents. In 2021 alone, approximately 19,000 new bibliographic information and original documents were added to the database.

  The service is available via the KDI website and newsletters. More recently, EIEC initiated a project to categorize economic policies-dating back to 1991-in a time-series format and link them with a comprehensive summary of relevant press releases, policy explanations, media trends, research findings, and public opinion analyses.

  Launched on September 21, 2020, this database contains a total of 8,319 main policy measures and 193,056 supplementary materials as of December 31, 2021.

  These data ware houses can contribute to identifying the link between economic policy trends and relevant policies to ultimately bolster the understanding of both policy makers and the general public.