Sunday, August 09, 2009

South Korean Economy: The Worst of Economic Recession Over?

I think that the on going global economic recession has been hitting many countries for almost one year. Last year, in September, we heard the news of Lehman Brothers filing for bankruptcy and then just one after another company started to give us bad news. This caused massive problem for Korean economy because it mainly depends on exporting to other rich countries like USA. Even in Asia, its major trading partners like China suffered from the recession and it became like a Chain reaction. Still, the Korean economy is under pressure and many people in the country are unemployed and worried about their future. The good news is that it may be the worst has already been over. There is new hope for revival.

I found two reports in this regard and I would like you to read them:

S. Korea's economy bottoming out from recessionary phase: KDI

S. Korean economy to recover faster than other OECD nations: report

Of course, it is still quite some time that the economy will become strong again. We now live in a global village and that is why the political leaders of all the countries should realize this matter that all the economies are connected to each other.