Korea's Economy
From the Issue
Korea's Economy Volume 25About Korea's Economy
Korea’s Economy is KEI’s annual journal publication dedicated to the key issues of the day for the Korean economy. Articles in Korea’s Economy are designed to give the casual, but informed reader insight into issues related to Korea’s markets and financial institutions, economic reform, economic relations with the wider world, and North Korea. It is published jointly each year with the Korea Institute for International Economic Policy.
The year 2008 will be recorded in world history as a year in which the global capitalist system was threatened as a consequence of the U.S.-originated financial turmoil that began with the bankruptcy of Lehman Brothers on 15 September 2008. The impending worldwide recession is now often compared with the Great Depression that began in 1929. The repercussions of the financial turmoil from Wall Street have been quick and widespread around the globe, resulting in contraction in the real sector, rising unemployment, and a decrease in commodity prices including the price of oil. Emerging-market economies in particular are the hardest hit by the financial turmoil, with sharp reductions in stock prices and exchange rates.