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SERI Economic Outlook for 2010

SERI Economic Outlook for 2010

Sept. 24, 2009

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The Korean economy has been showing signs of recovery faster than other countries. Bolstered by improved sentiment among consumers and businesses and fiscal stimulus, economic growth rate in the second quarter of 2009 increased 2.6% from the first quarter, sharply up from 0.1% in the first quarter. Given an easing in the global financial crisis and heightening expectations of economic recovery, financial markets have also stabilized. With the help of foreign investment, the KOSPI increased by 45.4 percent since the beginning of the year to 1,634.91 as of September 14, and the won/dollar exchange rate stabilized to levels prior to the bankruptcy of Lehman Brothers at around 1,200 won per dollar in the third quarter of 2009. With the help of foreign investment, by September 14th, the KOSPI had increased by 45.4% since the beginning of the year to 1,634.91 and the won/dollar exchange rate stabilized to levels prior to the bankruptcy of Lehman Brothers to 1,225. The number of jobs is continuously decreasing, while exports continue to remain in negative territory at about 20%. In addition, with liquidity pouring into the real estate market, concerns about a surge in real estate price are rising.

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