The IMF said many of Korean export-oriented industries, especially shipping and shipbuilding, were struggling in the face of a global economic slowdown ©Press Association Images
The IMF said many of Korean export-oriented industries, especially shipping and shipbuilding, were struggling in the face of a global economic slowdown ©Press Association Images

Korean shipping bailout will cost $27bn

26 October 2016

Bailing out South Korea’s struggling shipping and shipbuilding companies would be costly but would pay for itself in the medium term, the IMF has said.

In a working paper it estimates the cost of a debt restructure would be around $27bn, but said that would be offset by more rapid output growth and increased employment.

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