“South Korea’s economy expanded at the fastest pace in a year even as austerity measures in Europe and a slowdown in China cloud the outlook for exports. Stocks and the won rose.
Gross domestic product rose 0.9 percent in the first quarter from the previous three months, when it gained 0.3 percent, the Bank of Korea said today. That matches the median estimate of 13 economists surveyed by Bloomberg News.
Government spending and investments by semiconductor chip makers boosted the economy as European nations stepped up efforts to ease a debt crisis that has crimped Asian exports. The U.K. sinking into its first double-dip recession since the 1970s highlights the threat that global demand will falter as developed nations cut spending to improve their finances, andBank of Korea Governor Kim Choong Soo said last week that “downside risks” will probably remain high for some time….”
If you enjoy the content at iBankCoin, please follow us on Twitter
