Korean Minister is defiant that 2011 growth target is still realistic

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The South Korean Finance Minister has admitted that the country’s economy weakened during the third quarter of 2011, but feels that it still has a chance of meeting its projected growth target of 4.5% for the year.

Bahk Jae-wan stated; “The economy continues to recover gradually, but in the third quarter, even if you combine August and September, things got worse.”

The Euro-zone crisis was once again culpable in the deterioration as Mr. Bahk suggested that the uncertainty emanating from the region caused a general slowdown in consumer demand and capital investments.

Mr. Bahk is not yet ready to wave the red flag regarding the country’s annual growth target though. He feels that South Korea must now operate a ‘wait and see’ policy in regards to the revised Euro-zone plans, and how this subsequently affects economies around the world.

“We still have three months left. What’s important is to do the best to meet the growth target, not to end up too far away from the target, as opposed to revising the target,” stated Mr. Bahk.

Interestingly, the minister also went on to urge lawmakers to ratify Korea’s free-trade agreement with the United States.

It is hoped that this particular measure could well provide a significant boost to an economy which is showing signs of recovery, but could do with a kick-start at this point in time.

Transfer Money to South Korea

If you are wondering how to send money abroad, think carefully about how you will be transferring the money. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are looking to send money to South Korea – which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.

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Korean Minister is defiant that 2011 growth target is still realistic

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