South Korea faces challenge as global slump hits exports
Wednesday, 3 December 2008
SEOUL, Dec 2 (AFP): South Korea's export-driven economy is facing a massive challenge as the global economy goes into meltdown, President Lee Myung-Bak said today.
He urged businesses to aggressively increase overseas shipments to help overcome the financial crisis that is gripping the world's biggest economies, adding that Seoul will provide support to bolster exports.
"The global economy is mired in an unprecedented crisis," he said in a speech to mark the 45th Trade Promotion Day in Seoul.
"With financial market uncertainties spreading to the real economy, our key export markets, mostly advanced countries, are expected to post negative growth next year.
"A simultaneous slump of the global market poses a great headache to the Korean economy which is heavily dependent on exports," Lee said.
He said his government was ready to offer trade financing and other administrative support to exporters in a "pre-emptive, sufficient and decisive manner."
"It is very important for us to expand exports aggressively in order to overcome the current crisis," he said.
He urged businesses to aggressively increase overseas shipments to help overcome the financial crisis that is gripping the world's biggest economies, adding that Seoul will provide support to bolster exports.
"The global economy is mired in an unprecedented crisis," he said in a speech to mark the 45th Trade Promotion Day in Seoul.
"With financial market uncertainties spreading to the real economy, our key export markets, mostly advanced countries, are expected to post negative growth next year.
"A simultaneous slump of the global market poses a great headache to the Korean economy which is heavily dependent on exports," Lee said.
He said his government was ready to offer trade financing and other administrative support to exporters in a "pre-emptive, sufficient and decisive manner."
"It is very important for us to expand exports aggressively in order to overcome the current crisis," he said.