ID :
83002
Sun, 10/04/2009 - 19:45
Auther :
Shortlink :
https://www.oananews.org//node/83002
The shortlink copeid
S. Korea's economic recovery pace 6th in G20
(ATTN: UPDATES with more details from para 3)
SEOUL, Oct. 4 (Yonhap) -- South Korea's economic recovery pace ranked sixth among
G20 economies in the second quarter amid growing signs that the country is making
a faster-than-expected recovery this year, a government report said Sunday.
The average growth for the 20 leading world economies moved up 2.0 percentage
points in the April-June period compared to the previous quarter, while South
Korea posted gains of 2.5 percentage points, the Ministry of Strategy and Finance
said.
The G20 established in 1999 is made up of key industrialized and developing
economies. It holds regular talks of finance minister and central bank governors
to discuss important issues related to the global economy.
The ministry said Turkey led the pack by reporting growth gains of 6.4 percentage
points, followed by Mexico, Japan, Germany and South Africa.
Mexico's growth moved up 4.7 percentage points compared to the January-March
tally, with Japan posting gains of 3.9 percentage points.
Canada and India reported gains of 0.7 percentage point and 0.3 percentage point
in the second quarter, while the economies of Argentina and Saudi Arabia remained
at a standstill.
"South Korea's growth rate fell short of the top five, but unlike these
countries, Seoul posted positive growth in the first quarter vis-a-vis the last
three months of 2008," an official said.
Very few G20 countries posted gains in the first and second quarters, indicating
South Korea may be leading others on the road to recovery following the collapse
of Lehman Brothers last September.
Seoul had originally predicted that the national economy will contract by more
than 2 percent annually in 2009, but officials have started to hint that minus
growth of less than 1 percent may be attainable if worldwide market conditions
continue to improve and there are no sudden hikes in energy prices.
The ministry in charge of the country's economic policy said South Korea's
on-year growth reached 2.6 percent in the three-month period, three times greater
than the G20 average of 0.8 percent.
It said the 2.6 percent growth placed the country sixth among G20 countries, with
only developing economies doing better.
China grew 7.9 percent on-year in the cited period to rank first, followed by
India, Indonesia and Turkey.
Countries such as Japan grew 0.6 percent, while Germany and France reported
economic gains of 0.3 percent each.
yonngong@yna.co.kr
(END)
SEOUL, Oct. 4 (Yonhap) -- South Korea's economic recovery pace ranked sixth among
G20 economies in the second quarter amid growing signs that the country is making
a faster-than-expected recovery this year, a government report said Sunday.
The average growth for the 20 leading world economies moved up 2.0 percentage
points in the April-June period compared to the previous quarter, while South
Korea posted gains of 2.5 percentage points, the Ministry of Strategy and Finance
said.
The G20 established in 1999 is made up of key industrialized and developing
economies. It holds regular talks of finance minister and central bank governors
to discuss important issues related to the global economy.
The ministry said Turkey led the pack by reporting growth gains of 6.4 percentage
points, followed by Mexico, Japan, Germany and South Africa.
Mexico's growth moved up 4.7 percentage points compared to the January-March
tally, with Japan posting gains of 3.9 percentage points.
Canada and India reported gains of 0.7 percentage point and 0.3 percentage point
in the second quarter, while the economies of Argentina and Saudi Arabia remained
at a standstill.
"South Korea's growth rate fell short of the top five, but unlike these
countries, Seoul posted positive growth in the first quarter vis-a-vis the last
three months of 2008," an official said.
Very few G20 countries posted gains in the first and second quarters, indicating
South Korea may be leading others on the road to recovery following the collapse
of Lehman Brothers last September.
Seoul had originally predicted that the national economy will contract by more
than 2 percent annually in 2009, but officials have started to hint that minus
growth of less than 1 percent may be attainable if worldwide market conditions
continue to improve and there are no sudden hikes in energy prices.
The ministry in charge of the country's economic policy said South Korea's
on-year growth reached 2.6 percent in the three-month period, three times greater
than the G20 average of 0.8 percent.
It said the 2.6 percent growth placed the country sixth among G20 countries, with
only developing economies doing better.
China grew 7.9 percent on-year in the cited period to rank first, followed by
India, Indonesia and Turkey.
Countries such as Japan grew 0.6 percent, while Germany and France reported
economic gains of 0.3 percent each.
yonngong@yna.co.kr
(END)
