Continuing the low growth of korea's economy
After showing over-par growth of 6.3 percent in 2002, the south korean economy standard to lose
its growth momentum. Korea's robust growth in 2002 had been sustaind by
the overall resiliency of domestic demand, even as worldwide economic conditions deteriorated
and korean experts fall.
However this engine of korean growth has weakened recently.
Korea lags behind advanced nations in hi-tech industry, and China in middle and low priced products now.
If it can not find another breakthrough, this low growth trend will be prolonged.
Korea's economy is heavily dependent on oil imports and recently oil price hikes.
North korea withdraw from the Nuclear Nonproliferation Treaty and threatened to reprocess plutonium
South korea's economic growth rate is projected to be around 4% in 2005, lower than the 4.6% recorded in 2004
Private consumption is expected to slowly recover to the mid 2% range
Politics has to focus on the economic recovery.
Power of Korean people to unite when they face difficulties.
Before: had a high rate, around 7 percent, of economic growth.
After: Economic growth rate declined into around 4 percent.
It needs to prepare for future new business and advanced aged society.
From terrorist attacks, 9.11 and war in iraq to 2007