KREI-KASMO is a Korean agricultural sector partial equilibrium model reflect the fast-moving environment surrounding Korea agriculture including the new domestic policy options and the recent international trade regimes, such as FTAs and WTO/DDA negotiations. This KREI Outlook of the Agricultural Economy is upgraded version for KREO-KASMO to reflect a revision of reference year of Bank of Korea.

KASMO is divided into six sub-models as follows: A grain sector, a vegetable sector, a fruit sector, a specialty crop sector, a livestock sector, and a total agricultural value sector for the entire Korean agriculture. And it covers over 45 ommodities.

The production of the agriculture sector is forecasted to grow up to 43 trillion 720 billion won in 2010 with the growth rate of 5.7 percent in the 2009. The production of the agriculture sector is forecasted to grow up to 44 trillion 988 billion won in 2011 with the growth rate of 2.9 percent in the 2010.

The value added of the agriculture sector is forecasted to grow up to 22 trillion 332 billion won in 2010 with the growth rate of 7.0 percent in the 2009. The value added of the agriculture sector is forecasted to decrease to 21 trillion 565 billion won in 2011 with the growth rate of -3.4 percent in the 2010.

The total income of the agriculture sector is forecasted to grow up to 13 trillion 348 billion won in 2010 with the growth rate of 15.2 percent in the 2009. The total income of the agriculture sector is forecasted to decrease to 12 trillion 339 billion won in 2011 with the growth rate of -7.6 percent in the 2010.

Researchers: Suk-Ho Han, Myung-Hwan Kim, Jeong-Min Lee, Hyun-Jung Ban, Jun-Ho Seung, Tae-Woo Kim.
e-mail Address: shohan@krei.re.kr, kimkim@krei.re.kr, fantom99@krei.re.kr,
ban0530@krei.re.kr, jhseung@krei.re.kr, ktw0703@krei.re.kr