Public Administration News
Share
.jpg) |
S. Korean Economy Starts Structural Reform |
| Source: |
world.kbs.co.kr |
| Source Date: |
Thursday, August 09, 2012 |
| Focus: |
Electronic and Mobile Government, Citizen Engagement, Internet Governance
|
| Country: |
Korea (Republic of) |
| Created: |
Aug 14, 2012 |
|
The South Korean economy is under going structural reform amid the euro zone debt crisis and worsening global economic slowdown.
Financial institutions and listed firms are implementing contingency measures such as layoffs, workforce integration, and asset securitization to boost liquidity.
According to financial institutions and listed companies on Thursday, firms are putting those measures in place regardless of industry or scale.
The shipbuilding, shipping, steel, petrochemical and telecommunication industries, which are the main pillars of the country’s economy, are suffering from lackluster business with their exports declining by 20 to 60 percent last month compared to the same period a year earlier.
The domestic construction industry, which was directly hit by the economic downturn, is not an exception.
Some construction firms have already laid off hundreds of workers, while others are selling off shares or assets of affiliates to secure liquidity.
|
|
|
|
|
|
| Rate: |
0 ratings
|
Views: |
16 |
| Comments: |
0 |
Favorited: |
0 |
Bookmarked: |
0 |
Tagged: |
0 |
|
|
|
|