CEOs Predict Negative Growth in 1999

Many CEOs are predicting that the Korean economy will shrink and a negative growth rate will continue through 1999 and recovery will not occur until 2000. In a survey by the Korea Employers Federation (KEF) of the 100 biggest companies, four of five forecasted minus growth in 1999.
About economic recovery, 76 predicted 'after 2000', followed by '2000' (56), '1999' (24), and 'after 2001' (20). The government and political world was selected as the first sector that should be restructured (31.3%), followed by financial sector (31.2%), private companies (21.1%), and labor (15.5%).
Forty eight CEOs answered that quick and strong financial restructuring was the most urgent and 23 indicated that expansion of consumer financing and consumption. The KEF surveyed about 100 companies during October.