SOUTH KOREA: Tough Economy Deflates Business Confidence
Despite a higher than expected third-quarter GDP growth of 9.2% year on year, shrinking domestic demand is still a likely outcome for South Korea in 2001. Uncertainty in financial markets is on the rise, and the Samsung Economic Research Institute has reported a sharp deterioration in business confidence. The number of corporate bankruptcies increased to 646 in November 2000 - the highest volume since March 1999 - largely affected by the collapse of the Daewoo Motor Co. It is likely that the economic slowdown will continue into the first quarter of 2001.
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