Economists Worry About Prolonged Recession in Korea

      August 21, 2014 12:29

      Experts are concerned that Korea's economy may fall into a Japanese-style prolonged recession.

      The Federation of Korean Industries polled 37 economists from private and state research institutes, universities and financial institutions, and half said they worry that continuing low growth in recent years may lead to the kind of prolonged slump Japan experienced in the 1990s.

      Many believe that Korea's economy is suffering from the loss of recovery momentum in the wake of the April 16 ferry disaster, although some said that consumption has now almost recovered.

      Kim Yong-ok of the institute said, "Most experts cited the prolonged slump in the real estate market, household debt, and pessimism after the ferry disaster as the biggest problems the Korean economy is facing at the moment."

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