Most business groups expect 2009 sales to fall

SEOUL, Feb. 24 (Yonhap) -- The majority of South Korea's top 20 business groups
expect their annual sales to decline this year as the nation heads for its first
recession in 11 years, a poll showed Tuesday.
According to the survey of Samsung, Hyundai Motor, LG and other groups, 16 of
them forecast falls in total sales with as many anticipating contractions in
overseas sales, the Federation of Korean Industries said in a statement.
The survey didn't specify which conglomerates answered negatively.
"The government should introduce a strong stimulus package to revive the
economy," the federation said in the statement.
Conglomerates set their sales targets based on expectations that the South Korean
won currency would average at an exchange rate of 1,197 per the U.S. dollar this
year.
The won dropped 26 percent last year, making it the worst performer among major
currencies in Asia.
Amid renewed worries that South Korea may face a foreign exchange crisis in
March, the local currency has extended losses so far this year.
The won, which has lost about 17 percent this year, fell to close at an 11-year
low of 1516.30 versus the dollar, down 26.3 won from the previous session.
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