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Home Consumption Worst Ever

Sept 14,1998
Korea's current domestic consumption has been evaluated to be the worst among those countries including Indonesia and Thailand who once received supporting funds from the International Monetary Fund (IMF), reported the Daewoo Economic Research Institute through a report entitled 'Comparative Domestic Recession under Economic Stagnation' on September 14.
According to the Institute, the domestic consumption growth rate during the first half of this year marked minus 28% compared to that of the same period last year, and it is the worst drop in world economic history.
In 1929 during the Great Depression, the United States' internal consumption rate was only minus 9.6% and minus 13.4% in 1931.
The report diagnosed that Korea's economic structure is not strong enough to take massive downsizing or restructuring, therefore it is necessary for the Korean economy to delay restructuring in order to maintain feasible productivity.



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