South Korea seeks recovery, but don't bank on it yet

Article Abstract:

A number of factors hinder South Korea from totally achieving economic reform. Despite the economy showing growth since the International Monetary Fund loaned $58.35 bil, government policy, union attitude and chaebol reforms will significantly affect the road to recovery. Only 50 tril of the government's pledge of $47.74 tril has been given to the financial sector. The government remains indecisive on the specific banking and corporate reforms they want to implement. Moreover, analysts perceive that the reforms sought by business enterprises known as chaebols are only halfhearted measures.

Analysis, Economic aspects

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A builder reconstructs

Article Abstract:

Economic expert Park Tae Joon of South Korea has been tasked by President-elect Kim Dae Jung to rebuild the country's economy and monitor the reform of the chaebols, the country's family-operated conglomerates. Park has abandoned his belief on government-led economic system principles and instead advocates a free-market system. President-elect Kim Dae Jung is championing a law that will enable a more transparent disclosure of the chaebols' finances and limit their power to subsidize ailing affiliates.

Management, Park Tae Joon

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Questioning scope of reform: tough moves may save Korea from Japan's fate

Article Abstract:

Economists expect that South Korea will be able to rebound from its economic slowdown by the middle of 1999 as the country will likely enter the base of its most serious recession in modern history. ABN Amro Asia forecasts that gross domestic product will dwindle 4% in 1999, much healthier than the 6.8% reduction the company forecasts in 1998. In late September 1998, South Korean President Kim Dae Jung strongly remarked that the government will start to concentrate on market-boosting efforts.

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