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To: HH who wrote (4347)	8/25/1998 11:10:00 PM
From: Joseph G.	Respond to of 86076

<<S.Korea H1/98 GDP contraction around 5 pct-Bank SEOUL, Aug 26 (Reuters) - South Korea's gross domestic product is estimated to have contracted by around five percent during the first half of this year from a year earlier, the central bank governor said on Wednesday. Bank of Korea Governor Chon Chol-hwan said in a lecture delivered to a private economists club that the slump in the real economic sectors continued through the second quarter. He said indicators for both private consumption and investment in the quarter to June decreased more sharply than in the previous quarter, from January to March. Chon said the ''minus growth'' trend of the GDP would continue through the second half of the year, but did not make a forecast for the period. Finance and Economy Minister Lee Kyu-sung said on Tuesday this year's GDP is expected to be five to six percent lower than last year's -- a weaker forecast than the previous government projection of a contraction of about four percent. The Bank is due to release GDP figures for the second quarter and for the first half at 0400 GMT on Thursday. Chon said, according to a text released by the Bank, that unemployment was forecast to worsen in the second half as corporate and financial restructuring proceeded. South Korea's seasonally adjusted unemployment rate surged to 8.6 percent in July from 2.65 percent a year ago, official figures released on Wednesday showed.>>