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Article: South Korea: South Korean economy heading toward negative growth in 2009.
- Article from:
- TendersInfo
- Article date:
- December 12, 2008
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Byline: sanjayV03
There are growing signs that the world's 13th largest economy, the Republic of Korea, is among the most vulnerable to the global financial crisis. A senior Bank of Korea (BOK) official declared on December 2 that annualised growth for the fourth quarter would be less than 3 percent. Last month, Finance Minister Kang Man-soo optimistically promised growth of 4 percent in 2009.
The IMF, however, has already slashed its 2009 forecast for South Korea to just 2 percent and the fear is that it may enter negative growth next year for the first time since the 1997-98 Asian financial crisis. On December 1, Samsung Securities predicted the ...