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Troll_Bait
Joined: 04 Jan 2006
Location: [T]eaching experience doesn't matter much. -Lee Young-chan (pictured)
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 Posted: Fri Mar 28, 2008 2:31 am Post subject: Korea will be hardest hit by U.S. recession: report |
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http://joongangdaily.joins.com/article/view.asp?aid=2887948
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Korea will be hardest hit by U.S. recession: report
In a scenario in which the United States goes into recession due to subprime mortgage fallout, Korea, Taiwan, China and Singapore will be dealt the biggest blows due to their reliance on exports, according to a report by the United Nations Economic and Social Commission for Asia and the Pacific yesterday.
�Major downside risk to the growth forecast comes from the U.S. subprime crisis,� said the report, titled �Economic and social survey for Asia and the Pacific.� Escap cited 2001 as an example, when the slowdown in the U.S. economy led to a sharp contraction in its demand for durable consumer imports as well as for machinery and equipment, which led to a 0.8 percent growth cut for Korea.
But if this slowdown does not prove to be as serious, Korea�s economic growth in 2008 is forecast at 4.9 percent, little changed from the previous year, as losses from the sluggish U.S. economy are offset by expanded business opportunities in China. Korea grew 5 percent last year.
A strong economy in China and a free trade agreement with the United States coming into effect in 2008 would benefit Korea�s exporters, according to the report.
The UN agency said inflation in Korea is predicted to pick up marginally to 3.1 percent in 2008, after inflation for last year remained moderate �and within the target range of 2.5 to 3 percent.� Price rises were mitigated by the continued appreciation of the Korean won, the report noted. The Korean won rose 7.3 percent against the dollar in the first 11 months of 2007. |
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GoldMember
Joined: 24 Oct 2006
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| Posted: Fri Mar 28, 2008 3:24 am Post subject: |
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Actually, Singapore should fair very well, it has a very open and efficient diversified economy.
It's Korea that is protectionist, mercantalist, inefficient, with industries, propped up by a government riddled with debt, that is in danger of tanking. |
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Julius
Joined: 27 Jul 2006
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| Posted: Fri Mar 28, 2008 6:08 am Post subject: |
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| how would it affect the esl market here i wonder |
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Ilsanman
Joined: 15 Aug 2003
Location: Bucheon, Korea
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| Posted: Fri Mar 28, 2008 6:22 am Post subject: |
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| During a recession, spending on some things actually increases. Education, alcohol, and prostitutes. |
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Cheonmunka
Joined: 04 Jun 2004
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| Posted: Fri Mar 28, 2008 6:25 am Post subject: |
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The KRW has always been tied to the US. If US indexes rise, so will the KRWon.
It's win-win vis a vis the US. Or, lose-lose.
But, you know, 'anything can happen, and it probably will.'
PS: It's tru about the KRW rise. I wondered what you 'Mercans were complaining about recently. |
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Paddycakes
Joined: 05 May 2003
Location: Seoul
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| Posted: Fri Mar 28, 2008 6:52 am Post subject: |
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| During a recession, spending on some things actually increases. Education, alcohol, and prostitutes. |
Does anyone know if there is a Prostitute ETF I could buy into? |
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GoldMember
Joined: 24 Oct 2006
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| Posted: Fri Mar 28, 2008 7:58 am Post subject: |
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I suggest do some research first.
Go to a Pink District, and take a walk. If the girls snub their noses at whitey, then that means the economy is good. If they are happy to take on a dirty disease ridden foreigner, then you know the economy is bad. |
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Paddycakes
Joined: 05 May 2003
Location: Seoul
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| Posted: Fri Mar 28, 2008 8:13 am Post subject: |
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| I hear Songtan Sally is going to be putting out her own I.P.O. |
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