What year was the Korean financial crisis?

South Korea's financial crisis was a time of financial chaos in Southeast Asian countries, and South Korea's financial system also had problems at the beginning of 1997+0 1. As early as 1996, some small companies in Korea began to go bankrupt.

South Korea's economic risks have escalated.

The continuous interest rate hike by the Bank of Korea is a factor causing economic weakness. In the past year, the Bank of Korea has followed the pace of the Federal Reserve in raising interest rates and tightening policies. For the Bank of Korea, trade flexibility has always been a key source to ensure that the economy can bear higher borrowing costs.

Now, however, with the global economic slowdown and rising oil prices hitting many trade-dependent countries, the Bank of Korea's interest rate hike cycle may end. South Korea's monthly shipments have shrunk from last year's 10, mainly due to the weakening demand for chips.

According to the data of the Ministry of Trade, the semiconductor sales in June 5438+February decreased by 29. 1% year-on-year, which was the fifth consecutive month of decline. In addition, semiconductor manufacturers are also adapting to the slowdown in demand. Chip production in South Korea shrank for the fourth consecutive month, with the largest reduction in 165438+ 10 since 2009.

Labor disputes in South Korea are another factor that may hit the economy. The soaring prices caused workers to express their dissatisfaction, and the nationwide truck drivers' strike put tremendous pressure on South Korea's supply chain, which lasted for half a month and did not end until the beginning of last month.

Various factors have complicated the trade prospects, including high global inflation, the prevention and control of China epidemic entering a new stage, and the uncertainty of the Russian-Ukrainian conflict process. South Korea's Ministry of Finance predicts that exports may fall by 4.5% and imports may fall by 6.4% in 2023.