Heed warning signs of economic crisis

Potential for a downturn in the South Korean economy has been rising due to a retreat in the global economy. Growth of industrial production and exports has dwindled and inflation has soared to a three-year peak. The government lowered its prediction for the nation's economic growth from 5.0 percent to 4.5 percent two months ago but the revised growth target seems to be difficult to attain. Finance Minister Bahk Jae-wan recently hinted that the government's growth outlook for this year could be revised downward, citing lingering uncertainty. Consumer prices surged 5.3 percent last month, pushed up by the sharp growth in the prices of farm and fisheries prod