"Middle Class Will Diminish Despite Recovery", Report Says

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"Middle Class Will Diminish Despite Recovery", Report Says

The middle class in Korea may reduce even after the Korean economy recovers from the current troubles.
A report released by the Samsung Economic Research Institute on June 16 forecast that the proportion of the middle class in the Korean population this year will lower to 53.4 percent from last year's 60 percent and the 70 percent level before the economic crisis.
The report also predicted that the proportion will sink to 48.3 percent in 2002 unless proper measures are taken to prevent the shrinking of the middle class.
The research institute said that the proportion should rise slightly to 54.8 percent, up only 1.4 percentage from the 53.4 percent initially expected, despite the fact that Korea is now predicted to accomplish five or so percent of economic growth rate in 1999.
The institute advised that the government take steps to encourage the middle class to work, including reducing the imposition of indirect taxes.

Jangsoo Seo:jsbee@joongang.co.kr
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