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Korea posted an all-time record current account surplus in the first half of this year. With strong performance in trade and pump-priming measures, the government predicted the country's economy will turn to growth in the second half on-year.
The Bank of Korea on Wednesday said the current account surplus for the January-June period was US$21.75 billion (US1$=W1,hollister france,244), the largest for the first six months of any year. The current account balance was in the black from February to June.
The surplus is not the result of brisk exports but of a sharp decline in imports caused by the global economic crisis. Exports fell by 22.5 percent on-year but imports by 33 percent in the first half. The BOK expects the growth trend of the current account to continue but flatten. Lee Young-Bog,mercurial vapor, head of the BOK's balance of payments statistics team,hollister pas cher, said the current surplus in July will hit around $4 billion,louboutin soldes, and for the second half it will grow to $8 billion in total.
That conservative forecast reflects a possible delay in the recovery of the U.S. hit by a commercial real estate crisis and credit debt,hollister pas cher, while the recent hike in oil prices will put upward pressure on the import amount.
Meanwhile,air jordan, Strategy and Finance Minister Yoon Jeung-hyun in an economic emergency meeting Wednesday said the growth rate for the third quarter will decrease over the second quarter's 2.3 percent,scarpe hogan, but the country's economy will see positive growth overall in the second half on-year. At the beginning of this year,louboutin pas cher, the government forecast the economy would shrink 0.6 percent in the second half from a year ago.
Lee Sang-woo,hollister london, the director-general of the BOK's research department,hollister kids, said even if the economy stagnates in the third quarter,chaussure de foot, it will not shrink,hollister bags, and ruled out a double dip.
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A sticker with the same message was found stuck to the sign plate of the Korean Consulate General in New York the same day, and a day earlier an identical wooden stake was discovered in front of the consulate.

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