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Article: RISING OIL PRICES TO HIT S KOREAN ECONOMY.
- Article from:
- AsiaPulse News
- Article date:
- March 3, 2000
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SEOUL, March 3 Asia Pulse - The recent rise in oil prices is casting a long shadow over the economy, especially over exports and production.
The international price of oil reached US$31.77 per barrel yesterday, the highest in nine years. The rise is likely to fuel inflation by bringing boosts in production costs of a number of key products in sectos like oil, petrochemicals and aviation.
The situation has industries scurrying to draw up countermeasures against the unwelcome development, which will lead to the weakening of Korean product competitiveness overall.
The car industry is deeply concerned that high oil prices will lead to reduced ...