| View previous topic :: View next topic |
| Author |
Message |
sojusucks
Joined: 31 May 2008
|
 Posted: Sun Feb 15, 2009 2:49 am Post subject: Korea in Recession, uh-oh |
 |
|
http://english.chosun.com/w21data/html/news/200902/200902130036.html
| Quote: |
Goldman Sachs Says Korea in Recession
Global financial services and research firm Goldman Sachs says Korea's economy has entered a recession.
The New York-based company says Korea's macroeconomic environment will deteriorate quickly in the first half of this year and the nation's GDP growth will post between -4 and -5 percent.
Last month, Goldman Sachs predicted Korea's GDP to dwindle 1 percent.
The financial forecaster now says Korea's economy will return to positive territory in the fourth quarter.
Arirang News |
Hopefully things will get better soon. I would hate for my pay to lose additional value. |
|
| Back to top |
|
 |
TL
Joined: 30 Mar 2008
|
| Posted: Mon Feb 16, 2009 9:03 am Post subject: |
|
|
| I also hope things get better but they seem to be getting worse. Japan just posted a 12.7% (annual rate) decline in GDP. That's super ugly. I think Korea will post a similar number. -4 or 5% seems conservative at this point for 2009. |
|
| Back to top |
|
|
Gopher
Joined: 04 Jun 2005
|
| Posted: Mon Feb 16, 2009 9:30 am Post subject: |
|
|
| How stable are EFL hogwons these days? |
|
| Back to top |
|
|
mises
Joined: 05 Nov 2007
Location: retired
|
| Posted: Mon Feb 16, 2009 10:45 am Post subject: |
|
|
Goldman's is a little late to this party.
Korea is in very serious trouble. The ISI model of development will no longer function. |
|
| Back to top |
|
|
Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
|
| Posted: Mon Feb 16, 2009 1:15 pm Post subject: |
|
|
Yesterday I was at Costco. We had to park on the top floor; that was a surprise since it was Monday afternoon. Not as jammed as on a weekend day, but busy.
So far, Koreans are still shopping. I don't know for sure about big ticket items although I've heard cars and refrigerators are not selling well these days, but food, clothes, make up and computer stuff are still selling. I don't think anyone has told Koreans they are in a depression. |
|
| Back to top |
|
|
mises
Joined: 05 Nov 2007
Location: retired
|
|
| Back to top |
|
|
hepcat
Joined: 07 Mar 2005
Location: Daegu
|
| Posted: Mon Feb 16, 2009 9:00 pm Post subject: |
|
|
S.K., obviously, relies heavily on Westerners to buy their goods. Now that the debt-based boom has crumbled, S.K. is in deep "doo-doo". However, on the positive side, S.K. actually makes things. Countries that can make stuff people want to buy will most likely weather the current storm much better than those that do not.
This cannot be said about most Western economies, which we all know have allowed most of their manufacturing industries to move overseas. I have thought for many years that the "service economy" experiment--lead by the financial industry--was doomed, and it appears it was. Pretending to create real wealth by playing with fictional numbers was a delusional scheme that merely inflated paper assets to give the illusion of growth.
Korea will come out alright if Asia can rearrange their finance and trade patterns away from the crazy--literally--Euro-American system. Of course, the powers that be, the "Big Money Boys" behind facade of democracy in the West, will do all they can, including war, to retain their grip on the reins of power. |
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
