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ECONOMISTS WARN KOREAN ECONOMY FACES RECESSION.
SEOUL, Dec 1 Asia Pulse - South Korea's economy is feared to be heading for its first recession in a decade next year as domestic and overseas sales are set to face further declines, experts said Sunday.
The South Korean economy grew 0.6 per cent on-quarter in the July-September period, posting its slowest pace in four years due to slowing exports and domestic demand.
"The global economic slump is hurting overseas sales badly, and corporate capital spending is falling," said Kim Jong-soo, an analyst at NH Investment & Securities. "All data show that an economic recession is likely imminent."
Industrial output in Asia's fourth-largest economy fell for the first time in 13 months in October due to sluggish exports and domestic demand amid concerns over a global slowdown, according to a government report released Friday.
Factory production shrank 2.4 per cent last month from a year earlier, sharply slowing from a 6.2 per cent on-year advance in September in the nation's first decline in output since contracting 3.1 per cent in September 2007.
The decline in overseas sales is the biggest concern, experts say. The country's exports, which make up more than half of economic growth, rose 10 per cent in October from a year earlier, the slowest pace in 13 months, as shipments to China fell for the first time since 2002, the report showed.
"Things may get ...
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