South Korea: Amid The Carnage, A Glimmer Of Hope

South Korea remains mired in its deepest recession since the Korean War. However, the worst may be over, and 1999 looks hopeful. A stronger yen vs. the won makes Korean exports more competitive. Cheaper raw materials, especially oil, are cutting costs. Lower interest rates are easing the credit crunch for debt-ridden companies. And the trade accounts are firmly in surplus, boosting foreign-exchange reserves.

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