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2008/05/09 10:46 KST
S. Korea's economy goes down, further contraction expected: ministry

   SEOUL, May 9 (Yonhap) -- South Korea's economy is entering a "downward phase" after having reached its peak, weighed down by slowing domestic demand, rising prices and other unfavorable business conditions, a government report showed Friday.

Skyrocketing crude oil prices, a global economic slowdown and worsening terms of trade will keep adding pressure, causing a further contraction in Asia's fourth-largest economy down the road, according to the report by the Ministry of Strategy and Finance.