Outlook for the Korean economy

Rapid recovery from the 1997 crisis

The Korean economy was able to overcome the 1997 foreign exchange crisis within a short space of time from 1998 onwards thanks not only to the build-up of substantial foreign exchange reserves through the increase in exports, but also to a rigorous programme of restructuring of financial institutions and large companies involving a massive injection of public funds. Within one year of the currency crisis, GDP growth trended positive again and maintained a high

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