Obuchi says S. Korean, Thai economies bottomed out.
Japanese Prime Minister Keizo Obuchi said Tuesday that he believes the South Korean and Thai economies have bottomed out and expressed hopes that their growth will continue through reform, Japanese officials said. Obuchi made the remarks in response to a question by Canadian Prime Minister Jean Chretien about the economic situations in these countries. The two leaders held a bilateral meeting before the Asia-Pacific Economic Cooperation (APEC) summit in Kuala Lumpur. Obuchi said South Korea and Thailand will further promote reforms, especially in banking, so that their growth will continue. Chretien expressed concern about the sluggish economic situation in Asia that has been keeping Canada's exports to the region 25% below year-earlier levels, while imports from the region are running 20% higher, the officials said. Obuchi told Chretien that a Japanese economic package announced Monday contains a 1 trillion yen assistance plan for Asia, including that to Japanese companies operating in Asia, as well as plans to boost Japan's domestic demand.
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|Publication:||Asian Economic News|
|Date:||Nov 23, 1998|
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