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New Plans and Earnest Expectations
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The Ministry of Finance and Economy yesterday set a 4-percent growth target for 2002, predicting a steady economic recovery in the latter part of the year. In a report to a national economic council meeting presided over by President Kim Dae-jung, Deputy Prime Minister Jin Nyum said that the government will make concerted efforts to realize the goal of more than 4 percent growth.
According to the ministry's economic outlook report, the Korean economy is expected to see a steady recovery in the second half of 2002, boosted by a rebound in exports and continued strength in domestic demand. However, the report said the exact timing of a full recovery would depend on a global economic rebound. It stressed the need for stimulus packages in the first half of next year, when the Korean economy is expected to grow at a slower pace due to falling exports and contracting investment.
The ministry predicted that the world economy will grow at the rate of 2 percent next year, the same level as this year, adding that a possible rebound will be decided by whether the U.S. economy picks up steam or not. It said the weak American economy may take a turn for the better in the second quarter of next year if its stimulus packages bear fruit.
The ministry also forecasted that the European Union would see an economic turnaround in the latter part of the year on a gradual basis. But it expected Japan to continue to suffer from a recession.
The ministry's report also said that semiconductor prices will experience a mild rebound in the second half of next year, when there will be a recovery in demand for personal computers and mobile phones. And the report also said that the restructuring of the information technology (IT) industry will be wrapped up later next year thanks to economic boosting measures.
It predicted that interest rates on global financial markets will continue their downward march in the first half of 2002, but that the rates may rise on the back of a growth recovery in the latter half. The report said the value of the Japanese yen is expected to keep losing ground against the U.S. dollar due to the deteriorating economic situation in the neighboring country.
In an aggressive management strategy for 2002, SK group, the third largest business conglomerate in the country, expanded its sales, net-profit, and investment targets for next year drastically over this year. Deciding that the group's bioengineering and Chinese operations are the crown jewels of its business lines, SK plans to pump in a total of W250 billion in capital spending for the two operations.
One high-ranking SK group official said that his group would not opt for belt-tightening management strategies next year, despite the fact the global economy continues to flounder, in a bid to reinforce the group's international competitiveness.
Q1) What do you think our country's economy this year(2004)?
Q2) What is the thing that you expect the most relate with our country this year?(You can tell us anything; politic, culture, World Cup, education etc. EXCEPT ECONOMY)
Q3) Let's think about the world situation. What do you hope for peaceful world?
Q4) There would be lots of your plans you formed already for this year. What do you want to do(or have to do) for yourself?
이 글은「대학연합영어토론동아리」www.pioneerclub.com에서 제공하는 영어토론 정보입니다.
According to the ministry's economic outlook report, the Korean economy is expected to see a steady recovery in the second half of 2002, boosted by a rebound in exports and continued strength in domestic demand. However, the report said the exact timing of a full recovery would depend on a global economic rebound. It stressed the need for stimulus packages in the first half of next year, when the Korean economy is expected to grow at a slower pace due to falling exports and contracting investment.
The ministry predicted that the world economy will grow at the rate of 2 percent next year, the same level as this year, adding that a possible rebound will be decided by whether the U.S. economy picks up steam or not. It said the weak American economy may take a turn for the better in the second quarter of next year if its stimulus packages bear fruit.
The ministry also forecasted that the European Union would see an economic turnaround in the latter part of the year on a gradual basis. But it expected Japan to continue to suffer from a recession.
The ministry's report also said that semiconductor prices will experience a mild rebound in the second half of next year, when there will be a recovery in demand for personal computers and mobile phones. And the report also said that the restructuring of the information technology (IT) industry will be wrapped up later next year thanks to economic boosting measures.
It predicted that interest rates on global financial markets will continue their downward march in the first half of 2002, but that the rates may rise on the back of a growth recovery in the latter half. The report said the value of the Japanese yen is expected to keep losing ground against the U.S. dollar due to the deteriorating economic situation in the neighboring country.
In an aggressive management strategy for 2002, SK group, the third largest business conglomerate in the country, expanded its sales, net-profit, and investment targets for next year drastically over this year. Deciding that the group's bioengineering and Chinese operations are the crown jewels of its business lines, SK plans to pump in a total of W250 billion in capital spending for the two operations.
One high-ranking SK group official said that his group would not opt for belt-tightening management strategies next year, despite the fact the global economy continues to flounder, in a bid to reinforce the group's international competitiveness.
Q1) What do you think our country's economy this year(2004)?
Q2) What is the thing that you expect the most relate with our country this year?(You can tell us anything; politic, culture, World Cup, education etc. EXCEPT ECONOMY)
Q3) Let's think about the world situation. What do you hope for peaceful world?
Q4) There would be lots of your plans you formed already for this year. What do you want to do(or have to do) for yourself?
이 글은「대학연합영어토론동아리」www.pioneerclub.com에서 제공하는 영어토론 정보입니다.
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