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Real Reality
Joined: 10 Jan 2003
Location: Seoul
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 Posted: Mon May 24, 2004 4:39 pm Post subject: Economic slowdown hurting institutes |
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Private education institutes recorded their worst results in the past five years due to the protracted economic slowdown. However, a staff member at a Seoul hakwon said that the current economic woes are the main culprit behind their sluggish business. He added that the Internet-based education service for students did not have any meaningful impact on the decline in business.
http://times.hankooki.com/lpage/200405/kt2004052415343953460.htm |
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kangnamdragon
Joined: 17 Jan 2003
Location: Kangnam, Seoul, Korea
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| Posted: Mon May 24, 2004 4:47 pm Post subject: |
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| However, a staff member at a Seoul hakwon said that the current economic woes are the main culprit behind their sluggish business. He added that the Internet-based education service for students did not have any meaningful impact on the decline in business. |
This is like asking some random guy on the street, but he is correct. The economy is getting worse. I have heard it may be worse than IMF. |
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Real Reality
Joined: 10 Jan 2003
Location: Seoul
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| Posted: Mon May 24, 2004 5:24 pm Post subject: |
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kangnamdragon wrote,
"I have heard it may be worse than IMF."
What is IMF?
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kangnamdragon
Joined: 17 Jan 2003
Location: Kangnam, Seoul, Korea
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| Posted: Mon May 24, 2004 5:29 pm Post subject: |
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| Real Reality wrote: |
kangnamdragon wrote,
"I have heard it may be worse than IMF."
What is IMF?
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I believe you know. But for those who are new, it was the period around 1997-98? when I could not afford to stay in Korea after the won collapsed, but still stayed.
Koreans refer to it as aye-em-eppu |
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weatherman
Joined: 14 Jan 2003
Location: Korea
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| Posted: Mon May 24, 2004 7:44 pm Post subject: |
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The economy is growing. It is growing at 5.3% a year. There is wealth creation going on, but it is the larger question on how this wealth is being used in Korean society. I don't see a lot of reinvestment going on, and the off shoring to china is huge. What is happening here is (in my opinion) that the wealth being created is heading overseas in terms of investments leaving the domestic market withering. Also you have domestic comsuption at very low levels do to the poor management of the banking sector. (Credit cards anybody?) I also believe because this is Korea, that corruption is also a major drag on the economy.
Only wish I knew how to fix all of this. |
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