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South Korea upbeat on growth, shrugs off US tapering WASHINGTON: South Korea's economy will maintain its fast recovery and the U.S. unwinding of its stimulus measures even adds to the optimism because it suggests exports will grow, the South Korean finance minister told Reuters on Friday.A spike in the amount of long-term external debt was not a source of concern but was "natural" in line with the expanding size of the Korean economy and was instead a sign of improving investor confidence in South Korea, he said."On the one hand the QE tapering could hint at the recovery of the U.S. and the global economy, meaning that Korea could see a rise of demand for exports," Finance Minister Hyun Oh-seok said in an interview on the sidelines of the International Monetary Fund and World Bank annual meetings.On the other hand, he said, the U.S. tapering from its quantitative easing, or QE stimulus packages, could lead to rising market interest ...

UK to ramp up fight against offshore tax evasion LONDON: Britain plans to toughen its rules on cash hidden offshore in a new bid to crack down on people evading tax, the government said on Saturday.Under a proposed new criminal offence, tax officials will only have to show that income on money held by individuals outside Britain is taxable and undeclared in order to secure a prosecution.Currently, British tax officials have to prove that an individual was deliberately trying to hide undeclared income from ...
IMF, World Bank push for price on carbon WASHINGTON: The IMF and World Bank on Friday urged finance ministers to impose a price on carbon, warning that time was running out for the planet to avoid worst-case climate change.The heads of the two global economic institutions convened ministers from 46 countries -- including the United States, China, India and European powers -- on the sidelines of spring meetings in Washington to press the case for urgent climate action.UN Secretary-General Ban Ki-moon, joining the ...
World finance chiefs cautious on growth and Ukraine WASHINGTON: The world's leading economic policymakers expressed concern about the Ukraine crisis on Friday, as they pledged once again to find ways to boost global growth through new reforms. But little concrete came from the meeting of G20 finance ministers and central bank chiefs -- and Australia's Treasurer Joe Hockey admitted members' growth plans are "clearly inadequate."And they were cautious in speaking about Ukraine, despite rising tensions within the group, which includes key antagonists Russia, ...
IMF says Ukraine's debt is sustainable; Fund can lend to Kiev WASHINGTON: The International Monetary Fund is able to lend to Ukraine because the country's debt is sustainable, the head of the IMF's European department, Reza Moghadam, said on Friday."Debt in Ukraine is sustainable," Reza Moghadam said in a news conference during the IMF and World Bank spring 2014 meetings. He noted that Ukraine's external debt, which has suffered as a result of the country's political crisis and tensions with Russia, was only around 30 percent ...
India car sales shrink for second year NEW DELHI: Sales of India's once-booming passenger car segment shrank for a second year, hit by a sharp economic slowdown and high borrowing costs that kept customers away from showrooms, data showed Friday.The Society of Indian Automobile Manufacturers (SIAM) said it hoped for a "moderate improvement" this year with a new government due to take power after marathon elections in the country of 1.2 billion that began this week.Passenger car sales contracted by 4.59 percent ...
Britain to trumpet economic recovery LONDON: British finance minister George Osborne will later Friday hail the nation's economic recovery, one year after the International Monetary Fund had warned that his austerity policies were "playing with fire".Osborne will defend his economic policies in a key speech in Washington, where he is attending the annual World Bank/IMF spring meetings."Our economy has grown faster than any other in the G7 over the last year and is now forecast by the IMF to do ...


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
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WeeklyApril 14, 2014
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