Banking crisis threatens South Korean economy - 22 Oct 2008

The global credit crunch has hit South Korea particularly hard amid a steady decline in share prices and reduced consumer spending.

Lee Myung Bak, the president, has warned of fallout much worse than the Asian financial collapse of 1997 but this time the country may be better prepared for the shock.

Al Jazeera's Melissa Chan reports.

Category:

News & Politics

Tags:

• south
• korea
• economy
• global
• crisis
• melissa
• chan
• aljazeera

[redznow]

go korea..we foreigners working here believe in you.

[Calis86]

not really..

not with our current government

[785070707]

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[MASHDOTCOM]

@785070707 Why are you stalking me? Do you have no life? Can you not google me?

[785070707]

@MASHDOTCOM  lol, wtf??? retard.

[MASHDOTCOM]

The reason the Korean economy suffered was because our "gold" or whatever's backing up our currency is mostly foreign currency. We're investors and wholesalers. We're like a giant bank. We make money through investment, and accumulate it. If the money that we accumulated is devalued, we go bankrupt.

United States must improve for Korea to prosper. We need have a firm control on foreign investment in our real estate market and our corporations like Hyundai and Samsung.

[JoanneRuskin]

hmm.....i smell japs here......

[ayanuhito]

"look at our own toes, when others slipped. then we can't laugh at them.." is more closer to the nuance of the original proverb.

[ayanuhito]

i wanna learn the Korean traditional proverbs.

so that i can understand it better..

we have traditional proverbs in japan, i never

can't forget.. it says like.. "look at our own toes,

when others slipped."

these days koreans seem tougher than before..

they might have experienced so much in these ten yrs..

[xxwzaebd]

Korean economy is now one of the best,leaving everything else behind. That's the irrefutable fact, as the entire world acknowledges. I see no Japanese products, only Korean products.

[charbonelle]

At one level South Korea represents a triumph of globalization over economic nationalism...less than a decade ago foreign ownership of equity in Korean companies was highly restricted. Even when the nation joined the OECD in '96, liberalization was at snail's pace. It took the Asian financial crisis and strong-arm IMF and creditor tactics to force Koreans to accept almost unrestricted foreign ownership. Source: International Herald Tribune/New York Times, article:"Who owns South Korea?"

[KYUNGILNAM]

korea economy is sound.