iggyb
Joined: 29 Oct 2003
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 Posted: Wed Jun 17, 2009 2:42 am Post subject: State of the Korean Economy??? |
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What is the condition of the hakwon economy? It will help in preparing for the job search if I know more...
I was in Korea in 1998 when the Won collapsed and the Asian Tiger Economies went bust.
It had a profound impact on the hakwon industry. Many institutes went bellyup and many schools started having pay issues. I also seem to remember that the explosion in kids classes happened at that time when before you could find many more jobs teaching adults.
When I arrived in Korea in 1996, I believe the Won was at 790 to the US $.
Soon it was up to about 900 and stayed for awhile. Then when the crisis hit, it shot as high as 2300 or so then slowly came down to about where it is now.
During the worst, you couldn't get banks to wire money to the US because of the daily fluctuation. |
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