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The Korean Financial Crisis and NFDI

In: The Changing Economic Environment in Asia

Author

Listed:
  • Kyoo Kim
  • Charles R. Chittle

Abstract

With the spread of the Asian financial crisis, Korea has been hit by its worst economic depression since 1970. Industrial production declined, plant operation rates nose-dived, and unemployment soared to 1.5 million at the end of May 1998. Facility investment declined 8.7 percent in 1997 and 38.5 percent in 1998. Such investment had been increasing before the crisis at an average annual rate of over 10 percent for some years. Korean GDP for the first time decreased at an annual rate of 5.5 percent in 1998. One of the causes of the slump was a loss of confidence by foreign investors. The Korean economy has since recovered rapidly. According to IMF sources, the growth in real GDP is expected to have reached 9 percent in 1999 (IMF, 1999). Industrial production increased by 22.5 percent in 1999; this is the highest rate of increase recorded since 1980.

Suggested Citation

  • Kyoo Kim & Charles R. Chittle, 2001. "The Korean Financial Crisis and NFDI," Palgrave Macmillan Books, in: Bernadette Andreosso-O’Callaghan & Jean-Pascal Bassino & Jacques Jaussaud (ed.), The Changing Economic Environment in Asia, chapter 9, pages 135-151, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-28726-6_10
    DOI: 10.1007/978-0-230-28726-6_10
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