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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: SKorea's economy may contract in first half of 2009: president AFP - 1 hour 43 minutes ago SEOUL (AFP) - - President Lee Myung-Bak has said South Korea's economy could shrink in the first half of next year for the first time since the 1997 Asian financial crisis. "For the whole of 2009, we might achieve positive economic growth, but we might suffer an economic contraction in the first and second quarters," Lee was quoted as saying by Yonhap news agency. Few countries would register positive economic growth rates in the fourth quarter of 2008 and the first quarter of 2009, he said before receiving government policy briefings at the presidential Blue House. "The South Korean economy is also expected to hit bottom in the first half," he said. Lee's remarks come after the government on December 16 cut its 2009 economic growth forecast by one percentage point to three percent, citing the deepening global economic crisis. The Ministry of Strategy and Finance said in its Outlook and Policy Outline for 2009 that growth next year would be "more or less three percent," compared with this year's expected 3.6 percent. Even the revised growth target is one percentage point higher than the central Bank of Korea's prediction of two percent made earlier this month. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy SKorea's economy may further slow down in 2009AP - 51 minutes ago SKorea's economy may contract in first half of 2009: presidentAFP - 1 hour 43 minutes ago China's foreign debt soars: state mediaAFP - 1 hour 57 minutes ago China to offer incentives to scrap old cars: state mediaAFP - Saturday, December 27 Related Articles: Business Hong Kong airport baggage handlers launch strikeAP - 38 minutes ago SKorea's economy may further slow down in 2009AP - 51 minutes ago SKorea's economy may contract in first half of 2009: presidentAFP - 1 hour 43 minutes ago China's foreign debt soars: state mediaAFP - 1 hour 57 minutes ago Malaysia Petronas Gas to call bids for new plant-reportReuters - Saturday, December 27 Enlarge Photo SKorea's economy may contract in first half of 2009: president Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Actress Jennifer Aniston appears naked in GQ magazine Australian 'mummy smuggler' arrested in Cairo US retail sales data deepens year-end gloom Funeral of Guinea strongman as junta tightens grip French investor takes life after massive losses in Madoff scandal View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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