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20 November 2017 09:44 (South Africa)

South Korea grows even faster these days

While the world is struggling with the biggest crisis in a generation (the US shrank 0.7% in the second quarter alone), South Korean GDP grew 2.9% in the quarter ending in September. More precisely, important areas grew at China-like pace, with manufacturing at 8.7%, and capital spending at 8.9%,  the Bank of Korea announced on Monday. Neighbouring China's economy is obviously providing a welcome boost to the Korean one, with its insatiable hunger for automobiles and other products provided by the giants like Samsung and Hyundai. South Korea's unemployment numbers also provided reason to cheer on Monday: it fell to a nine-month low of 3.4% with consumer and business sentiment flying high. Good to be South Korean these days. Read more: AP

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