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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: S.Korea recovery soon, says World Bank official AFP - Monday, June 22 SEOUL (AFP) - - South Korea will be among the first nations to emerge from the global economic crisis with growth of two percent tipped next year, the World Bank has said. ADVERTISEMENT Senior vice president Justin Lin also predicted that Asia's fourth-largest economy, which is expected to start recovering in the second half of this year, would grow four to five percent in 2011. Developing countries in general are expected to recover sooner, providing a key driving force to global economic recovery, he said in a statement issued at the Annual Bank Conference on Development Economics in Seoul. "Korea is indeed likely to recover fastest among the OECD (Organisation for Economic Cooperation and Development) countries partly because it was in good macroeconomic health before the crisis and because the country has close linkage with China," Lin told Yonhap News Agency separately. "We expect Korea's gross domestic product will decline by 3 to 3.5 percent for 2009 as a whole. Then, should a global recovery take hold, the Korean economy is likely to grow by 4 to 5 percent by 2011," Lin, who is also the Bank's chief economist, told the agency. China's strong investment growth may drive the recovery of exports and industrial production in South Korea, Japan and other East Asian countries, he told Yonhap. The World Bank now expects the global economy to contract 2.9 percent this year, worse than its prognosis in March for a contraction of 1.7 percent. It expects the global economy to grow 2.0 percent next year and 3.2 percent in 2011. "The need to restructure the banking system, combined with emerging limits to expansionary policies in high-income countries, will prevent a global rebound from gaining traction," Lin said in the statement. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: China's Economy Oil falls below $68 as optimism on economy wanesAP - 1 hour 4 minutes ago Nasdaq falls 2 percent on economy concernsReuters - 1 hour 43 minutes ago Stocks pull back as global economic worries riseAP - 2 hours 1 minute ago US STOCKS SNAPSHOT-Wall St opens down on economy, oilReuters - 2 hours 20 minutes ago Related Articles: Business Anglo jumps after Xstrata seeks merger talksReuters - Tuesday, June 23 CORRECTED - CORRECTED-UPDATE 1-NeurogesX inks deal with Astellas for pain paReuters - 2 hours 38 minutes ago 7 slightly injured as Qantas plane hits turbulenceAP - Tuesday, June 23 CORRECTED-UPDATE 1-Dubai Islamic Bank says no Saudi exposureReuters - Tuesday, June 23 Indian rupee falls to 1-mth low on weaker stocksReuters - Tuesday, June 23 Enlarge Photo S.Korea recovery soon, says World Bank official Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Schwarzenegger in mid-air jet drama Chubby people live longest: Japan study Boeing readies Dreamliner for first flight Botox helps Australian stroke victim to walk again F1 governing body 'not surprised' at sport's split 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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