Pakistanis angry over detentions in Times Sq. case Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They
AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e
BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German
Minister seeks closure of anti-Berlusconi websites Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who
By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an
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 faces challenge as global slump hits exports: president
AFP - 51 minutes ago
SEOUL (AFP) - - South Korea's export-driven economy is facing a massive challenge as the global economy goes into meltdown, President Lee Myung-Bak said Tuesday.
He urged businesses to aggressively increase overseas shipments to help overcome the financial crisis that is gripping the world's biggest economies, adding that Seoul will provide support to bolster exports.
"The global economy is mired in an unprecedented crisis," he said in a speech to mark the 45th Trade Promotion Day in Seoul.
"With financial market uncertainties spreading to the real economy, our key export markets, mostly advanced countries, are expected to post negative growth next year.
"A simultaneous slump of the global market poses a great headache to the Korean economy which is heavily dependent on exports," Lee said.
He said his government was ready to offer trade financing and other administrative support to exporters in a "pre-emptive, sufficient and decisive manner."
"It is very important for us to expand exports aggressively in order to overcome the current crisis," he said.
South Korean exports slumped 18.3 percent to 29.26 billion dollars from the previous year, the largest fall in percentage terms since December 2001, as the global recession began to bite, the Ministry of Knowledge Economy said Monday.
Imports fell 14.6 percent to 28.96 billion dollars last month, resulting in a trade surplus of 297 million dollars.
Exports account for 48 percent of South Korea's gross domestic product (GDP), the total value of goods and services produced domestically, according to Samsung Securities.
Samsung Securities also said in a report published on Monday that South Korea's exports would shrink 6.7 percent and domestic demand would decrease 3.0 percent next year, resulting in a 0.2 percent reduction in the country's GDP.
South Korea is likely to miss its earlier target of a 4.4 percent GDP growth for this year, the central Bank of Korea said.
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
Nikkei index tumbles after US plungeAP - 23 minutes ago
After another sell-off, nations try again on credit crunchAFP - 33 minutes ago
S Korea faces challenge as global slump hits exports: presidentAFP - 51 minutes ago
Hynix says China JV stake sale to Numonyx delayedReuters - 52 minutes ago
Related Articles: Business
JGBs rise on Nikkei's slide, surge in TreasuriesReuters - 15 minutes ago
Mining group Vedanta launches $250 mln share buybackReuters - 17 minutes ago
TEXT-BOJ takes steps to ease firms' funding squeezeReuters - 18 minutes ago
South Korean won down as econ worries hit sharesReuters - 18 minutes ago
Boeing engineers, tech workers ratify contractsAP - 21 minutes ago
Enlarge Photo
S Korea faces challenge as global slump hits exports: president
Related Photos
Slideshow Full Photo Coverage: Business & Economy
Related Full Coverage
China Economy
china economy
All Full Coverage
Most Popular – Business
Viewed
Wall Street plunges as recession becomes reality
World AIDS Day highlights big challenges 20 years on
Saudi king says 75 dollar oil price 'fair'
Love handles increase death risk: study
World's oldest person dies at 115 years
View Complete List »
Search:
Home
Singapore
Asia Pacific
World
Business
Entertainment
Sports
Technology
Top Stories
Most Popular