Korea Faces Japan-style Economic Decline

Korea Faces Japan-style Economic Decline

Amid relatively minor ups and downs, Japan is finding it hard to get out of two decades of economic slump. The latest media reports say the world’s third-largest economy is even relapsing into another, if short, recession, after which Tokyo’s growth pace will fall back to pre-2008 levels. The drastic downsizing and plant shutdowns by such one-time household names as Sony and Sharp are creating a somewhat chaotic atmosphere. Korea, once called little Japan, can ill afford to remain an idle spectator of what’s going on across the East Sea.

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