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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: S.Korea says economy faces unprecedented crisis Reuters - Friday, December 26 SEOUL, Dec 26 - South Korea's economy is in an unprecedented crisis with domestic and overseas demand falling at the same time, but the government will strive to avert an annual decline in exports in 2009, the economy ministry said on Friday. The Ministry of Knowledge Economy said in its new year policy report to President Lee Myung-bak that it would aim to boost 2009 exports to $450 billion from around $430 billion projected for this year and earn a trade surplus of more than $10 billion. "The Korean economy is faced with an unprecedented crisis with exports and domestic demand, the two pillars of economic growth, falling at the same time," the ministry said. But an influential local trade research institute said earlier in the day export prospects for the first quarter of next year looked the worst in at least six years in the face of a deepening global recession. [ID:nSEO265244] In November, South Korean exports fell a revised 19 percent from a year earlier, as shipments to the country's largest market, China, fell by a third over a year earlier, customs agency figures showed last week. South Korea's central bank has already warned in its official forecasts that Asia's fourth-largest economy would grow only 2 percent in 2009, which would be the slowest growth since the 1997-1998 Asian financial crisis. The Bank of Korea has slashed the policy interest rate by a total of 2.25 percentage points since early October to a record-low 3.0 percent and has pledged to supply sufficient funds into the financial system to shore up the economy. The economy ministry also said the government would aim to boost foreign direct investment into the country by some 6 percent to $12.5 billion in 2009 from $11.8 billion seen for this year. The ministry, which is also in charge of energy policy, said state-run Korea National Oil Corp would aim to acquire a medium-sized overseas oil company or companies in 2009 to secure more sources of energy supply. South Korea does not produce oil on its territory to feed Asia's fourth-largest economy. 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 Greentown China to buy stake in Japan's Pacific-mediaReuters - 48 minutes ago Toyota recalls 122,000 cars in China over steering defects: govtAFP - 2 hours 30 minutes ago Chinese appliance tycoon's company post suspendedAP - 2 hours 54 minutes ago Australian retailers expect bumper sales despite crisisAFP - Friday, December 26 Related Articles: Business SKorean Constitutional Court endorses US beef importsAFP - 8 minutes ago Wockhardt seeks shareholder nod to raise 5 bln rupeesReuters - 14 minutes ago Sinopec finishes building Zhenhai commercial storageReuters - 16 minutes ago GLOBAL MARKETS-Nikkei hits 6-wk high as risk appetite improvesReuters - 18 minutes ago Turkey's Grundig says signs TV deal with SonyReuters - 19 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed US sees no holiday cheer; Russia, China warn of grim 2009 Actress Jennifer Aniston appears naked in GQ magazine Australian 'mummy smuggler' arrested in Cairo Guinea PM turns himself in at military camp Weather outside frightful for US, Canada travelers View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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