Buy Korean: imports get the blame, again

Article Abstract:

There is a movement to promote frugality in South Korea, with president Kim Young Sam speaking out against a growing culture of conspicuous consumption. The country has seen GDP growth fall to 6.8% in 1996 and the current account deficit rose 165% to $23.7 billion. The main target is imported luxury consumer goods such as cars, cosmetics, golf equipment and liquor, the cost of which puts undue pressure on the economy. There is a call to purchase domestic products to help the trade deficit and protect the environment through less shipping and distribution.

Monetary policy

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Gloom and doom

Article Abstract:

The south Korean current account deficit rose o $23.7 billion in 1996, with GDP growth down to 6.8% from 9%. There was labour unrest at the start of the new year, with protests against new laws relating to lay-offs and restricting union activities. This was followed by the collapse of Hanbo, the country's second largest steel company, and many banks are now loa shy. Forecasts have been readjusted and the country's merchandise trade deficit widened in the first two months of 1997. This will mean further overseas borrowing.

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