InfoAnda - South Korea stimulus puts recession on hold

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: South Korea stimulus puts recession on hold By KELLY OLSEN,AP Business Writer AP - 2 hours 1 minute ago SEOUL, South Korea - South Korea's economy, Asia's fourth largest, narrowly avoided recession in the first quarter as government pump priming offset a slump in exports but officials still predict a contraction for the full year. ADVERTISEMENT Gross domestic product grew 0.1 percent in the first quarter from the last three months of 2008 when it shrank 5.1 percent, the Bank of Korea said Friday. A recession is usually defined as two straight quarters of contraction. South Korea is battling its worst downturn since the Asian economic crisis of 1997-98 as exports and industrial production wilt in the face of a collapse in global demand. The government has responded to the slump and rising unemployment with stimulus spending, including a 28.9 trillion won ($21.6 billion) supplementary budget announced last month. The Bank of Korea, meanwhile, has slashed its benchmark interest rate six times since October to a record low 2 percent to spur growth. "The bottom line is that the (South) Korean economy escaped a recession by the skin of its teeth in the March quarter," Daniel Melser, senior economist at Moody's Economy.com, wrote in an analysis. Melser cited the expected impact of increased government spending as the main factor. He said that a stronger-than-expected increase in household spending also contributed, though added that was unlikely to last. "This does not look sustainable and reflects a dead-cat bounce after the massive drop in consumer spending in the final quarter of last year. Exports and investment are still both very weak and acted as major drags on growth." Both the government and central bank forecast that South Korea's economy will contract on an annual basis in 2009 for the first time since 1998. Compared with a year earlier, the economy shrank 4.3 percent in the first quarter as manufacturing, exports and capital spending all slumped. Capital spending contracted 22.1 percent, exports 14.1 percent and manufacturing 13.5 percent. Lim Ji-won, economist at J.P. Morgan in Seoul, said although manufacturing continued to suffer quarter on quarter, the decline was easing. "The pace of contraction has decreased quite significantly," she said. Manufacturing shrank 3.2 percent quarter-on-quarter after contracting 11.9 percent in the fourth quarter. South Korea's economy grew 2.2 percent in 2008, the worst performance since an annual contraction of 6.9 percent in 1998. Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy China's Minmetals eyes OZ Minerals approvalAFP - 35 minutes ago China Construction Bank CFO says to top '09 forecastsReuters - 53 minutes ago Oz Minerals sells Indonesian gold, silver projectAP - 1 hour 5 minutes ago OZ Minerals sells Indonesia gold lode for $211mReuters - 1 hour 18 minutes ago Related Articles: Business China's Minmetals eyes OZ Minerals approvalAFP - 35 minutes ago China Construction Bank CFO says to top '09 forecastsReuters - 53 minutes ago India Hot Stocks: Welspun India up on listing news of unitsReuters - 55 minutes ago JAL, ANA say may scrap fuel surchargesAFP - 57 minutes ago Samsung says first quarter profit plummetsAP - 58 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed IMF sees deeper 2009 decline, weak 2010 IMF says world in recession, auto giants flop Fertility doctor on brink of cloning human: report Credit Suisse ends losing streak in first quarter Charred meat linked to pancreatic cancer risk View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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