The Joongang Daily reported Kwon Goo-hoon, Goldman Sachs’ executive director of Asia-Pacific investment research (pictured), announced at a press conference yesterday his 2010 economic outlook for Korea, with the following main points:
- Korean companies have shifted their focus to emerging markets in Asia and elsewhere, with developing countries now accounting for over 70 percent of exports, this off-sets the lull in demand from developed countries.
- Mr. Kwon stated that his company believe that the global economy will expand 4.4 percent in 2010, largely due to 7.7 percent growth in emerging markets.
- They predict Korea’s exports will increase 10 percent or more in 2010, with domestic demand rising by about 5 percent.
- The major engines that will fuel the Seoul stock markets next year will be star exporters like electronics makers, automakers and steel producers; beneficiaries of improving domestic demand like builders and transportation-related firms, and financial companies.
(Source: JoongAng Daily)
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