Price: $ 1295
Heading into the tail end of 2013, in terms of relative performance, South Korea stands out as particularly vulnerable from a regional perspective, in our view. Aside from the obvious China susceptibility, the country faces myriad domestic problems, particularly in terms of over-indebtedness. Corporate balance sheets are in a poor state, and the Korean consumer is the most highly leveraged in Asia. As the export machine continues to stall, the prospects of a spike in bad debt and a seize-up in domestic demand cannot be ignored. Our bearish real GDP growth forecast of 2.6% in 2013, therefore, faces substantial downside risks. That said, South Korea's GDP expanded 1.1% quarter-on-year (q-o-q) in April-June, the strongest growth in more than two years. The growth was registered owing to stronger gove ...
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