Tuesday, February 10, 2009

S.Korea's fin min admits depth of downturn

South Korea's new finance minister gave up his predecessor's rosy economic targets soon after taking office on Tuesday and pledged to try hard to recover confidence from investors toward the country's economic policy.Yoon Jeung-hyun, 62, a former financial regulator, said he felt uneasy to admit that Asia's fourth-largest economy will contract this year for the first time in 11 years but added winning investors' confidence was more important.

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