S. Korea's economy to recover in 2010, CEOs say

SEOUL, June 24 (Yonhap) -- More than two-thirds of chief executive officers in
South Korea expected the nation's economy to rebound next year, a survey showed
Wednesday.

The Korea Employers Federation said in a statement that 67.9 percent of the 244
chief executive officers surveyed predicted an economic upturn in 2010, whereas
14.7 percent anticipated it would come in 2011.
South Korea's export-dependent economy is struggling with its worst slump since
the 1997-98 Asian financial crisis as the global economic downturn dampened
overseas demand for the nation's cars, flat-panel televisions and ships.
The economy averted a technical recession in the first quarter of this year when
it grew 0.1 percent after a 5.1-percent contraction in the fourth quarter of last
year.
The government predicted the economy would shrink about 2 percent this year, a
more optimistic forecast than a recent prediction by the World Bank, which said
the economy would contract between 3-3.5 percent for all of 2009.
Meanwhile, 82 percent of respondents said the economy has yet to hit bottom,
according to the poll.
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