InfoAnda - FACTBOX-South Korea's faltering economic reforms

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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: FACTBOX-South Korea's faltering economic reforms Reuters - 38 minutes ago Dec 21 - The biggest drag on reforms to guide South Korea's economy through the global financial crisis comes from a dysfunctional parliament, analysts say. Following are major policy changes President Lee Myung-bak's government planned to implement, and what has happened since. * Initially economic growth to be raised to 6 percent in 2008 from an estimated 5.0 percent in 2007 and 5.1 percent in 2006. - It has been revised down to a target of 3.6 percent for 2008. The finance ministry set next year's growth target at around 3.0 percent, while the central bank expects 2.0 percent. * Corporate income tax rates to be lowered gradually by 5 percentage points over five years. - This plan has been delayed but is still high on the government's agenda. * Financial supervisory agency to consider ways to bail out some 7 million delinquent small debtors. - This is still being worked out. * Government ministries and agencies to be merged or restructured to save running costs. - Lee was forced to scale down this plan due to political opposition. * Abolish limits on big-company investment in other firms. - The government wants to implement this within 2008. * A 4 percent limit on non-financial companies' ownership in commercial banks to be replaced with a more flexible system, allowing for more ownership. - Regulators have presented a bill to parliament on these reforms but the legislation has yet to be approved. * The government to promote privatisation of the postal service. - Not yet done and little momentum for plan. * Part of the state-run Korea Development Bank to be sold to private investors. Proceeds to fund national projects. - The KDB plan has not been implemented yet. (Reporting by Jon Herskovitz and Cheon Jong-woo, Editing by Dean Yates) 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: Business Japan drafts record budget to revive economyAFP - 18 minutes ago FACTBOX-South Korea's faltering economic reformsReuters - 38 minutes ago Indonesia fin min sees slower '09 GDP, inflationReuters - 1 hour 32 minutes ago Boom in music video games helps original artistsAP - 2 hours 45 minutes ago Music sales rise in harmony with game appearancesAP - 2 hours 45 minutes ago Most Popular – Business Viewed Global economy seen sinking into 'severe' 2009 recession: report Actress Jennifer Aniston appears naked in GQ magazine Oil prices mixed; New York contract expires below 34 dollars German Christmas cake theft sparks data scare Deep Throat, Watergate's secret informant, dies at 95 View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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