February 10, 2009

South Korea will lose 200,000 jobs in 2009

South Korea will lose 200,000 jobs this year, South Korean Finance Minister Yoon Jeung Hyun forecast yesterday. That would be the biggest decline since 1998, when 1.3 million positions were lost in the aftermath of the nation’s currency collapse during the Asian financial crisis.

“The economy shrank 5.6 percent in the fourth quarter from the previous three months. Overseas shipments fell a record 32.8 percent in January.
The number of employed people fell by 103,000 in January from a year earlier, the biggest decline in more than five years”, according to statistics report.

Source: Bloomberg

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