Resumption of South Korea's stalled defense modernization program is highly uncertain, although Seoul is projecting a return to economic growth as high as 2% by the end of 1999. Even if realized, such a recovery would come on the heels of a 5% net decline projected for 1998 by the South Korean government, the result of Asia's grave regional recession. And South Korean officials agree their nation's recovery depends crucially on whether Japan overcomes its recession and banking ...


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