Word: gdp
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...recession." By one measure they're correct. Recessions are commonly defined as at least two consecutive quarters of declining gross domestic product, a measure of national output. This slump didn't make the cut. There has been just one quarter of negative growth, last year's third quarter, when GDP fell at an annualized rate of 1.3%. GDP rose 1.4% the following quarter and is expanding now as well...
...consumers are creating companies. Domestic spending is helping make the Korean business sector more diverse, by spawning start-up enterprises in the technology and service industries. High-tech alone now contributes 15% of GDP, up from less than 8% in 1997. For a quick tour of the new economic landscape, log on to the Internet and check out www.freechal.com. One of the Web portal's hottest products are avatars, digital cartoon characters that stand in for real people in Internet chat rooms. Freechal started charging for avatars last June. Already the company has captured some 110,000 Korean customers...
...consumer demand by easing limits on credit-card use, among other measures. Koreans were once avid savers, encouraged by government policies designed to funnel domestic capital to industry to bulk up manufacturing capacity. Today, citizens are shopping more and saving less?South Korea's savings rate measured against GDP has declined by 10 percentage points since 1987. In the rest of Asia, by contrast, domestic savings rates have remained at Scroogian levels...
...meantime, as long as young Koreans like Choi keep on spending, then Korea's GDP should keep ticking higher and the good times will keep on rolling. Now, what about that DKNY skirt...
...Harvard. First there was that incident in Mass. Hall, then Brother Cornel got all red in the face, and now the endowment has shrunk to a paltry $18.3 billion, approximately $7.8 billion of which belongs to the Faculty of Arts and Science (FAS). With only 5.5 times the GDP of Haiti in the bank the prudent penny-counters at the Harvard Corporation have decided to play it safe and tighten the purse strings. In dollars the amount of money paid out of the endowment will be only 2 percent larger than the amount paid last year, the lowest percentage increase...