Monday, January 25, 2010
SOUTH KOREA’S ECONOMIC GROWTH
The article talks about South Korea's economy to be out spacing most other economies other than China and India. It talks about the world's second largest company for computer memory chips declared their highest profits for a quarter as demand for PC's drove up their prices. Over the last year their stock index rose 50 per cent and their currency value increased by 8.9% against the dollar indicating economic recovery in the future. The administration decides to increase their spending by 3% to keep the recovery rolling and also increase exports by 13% as their largest export market China expanded swiftly since 2007. Their interest rate has been lowered by the administration to a new lowest benchmark of 2%,it's only a matter of time before the monetary policies adapt to the evolving recovery of the economy.
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It is quite astonishing to hear that South Korea's expansion will outpace all but China and Japan among the world's 15 largest economies over the next two years. The development of their industries have enabled them to compete strongly on the international stage. A prime example of this is their automobile industry with Hyundai and Kia. These companies have been greatly successful, especially in the U.S. market.
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