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S Korean recovery masks tough challenges ahead

South Korea managed a relatively quick recovery from the global financial crisis – with a 0.2 percent GDP increase in 2009 – but the country will need to invest in new engines of the economy to secure future growth, veteran journalists from the country told a recent symposium in Tokyo.

Unlike during the 1997 Asian crisis, major South Korean firms avoided massive job cuts in their response to the latest global turbulence, a factor that could contribute to improving the once troublesome labour-management relations in the country, they said.