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Strategies & Market Trends : JAPAN-Nikkei-Time to go back up? -- Ignore unavailable to you. Want to Upgrade?

To: fut_trade who wrote (1776)	3/17/1999 9:58:00 AM
From: chirodoc	Read Replies (1) \| Respond to of 3902

korea is ahead of the curve and i think japan is following........ banks finally capitalized, layoffs happening, tax cuts coming? March 17, 1999 Growth Forecast for South Korea; Recovery for Other Asian Nations Uncertain By ELIZABETH OLSON ENEVA -- South Korea is the only sizable Asian economy that appears to be pulling out of the region's economic crisis, although its unemployment rate has risen and shows no immediate sign of declining, the International Labor Organization said in a study released here Tuesday. The ILO, a U.N. specialized agency, said the financial collapse had resulted in the loss of 24 million jobs in East and Southeast Asia, with Indonesia having suffered the largest losses. "In Indonesia, one out of five jobs was lost late last year, leading to 5 to 6 million" people becoming unemployed, Eddy Lee, an ILO economist, said in a briefing. The agency's study is an updated version of a 1998 report on Asian employment problems. Lee said that recovery was uncertain not only in Indonesia, but also in Thailand and Malaysia. Extensive Asian business failures had resulted in the jobless ranks' nearly doubling in Hong Kong, China and the Philippines, the ILO said. Others, like South Korea, saw the jobless rate more than triple -- to 7.6 percent last year from 2.5 percent in 1996, and reaching 8.5 percent at the end of February, the ILO said. "Korea clearly bottomed out at the end of last year," Lee said, forecasting that despite the increased joblessness, there would be growth in output as great as 2.5 percent in South Korea this year. While unemployment levels have not fallen in any Asian country, Lee continued, "the rate of increase has slowed down considerably." The ILO is urging Asian countries to create unemployment insurance, and to increase spending on social assistance. It has offered to help design such programs.