Which global economy grew at an annual rate of 11% in the second quarter, and will report a second-consecutive double-digit advance when it reports on Monday?
Hint: It isn't China.
But you are looking in the correct part of the world.
The economy in question is South Korea, which has enjoyed an astonishing rebound since it reached a recessionary bottom last winter. One factor in particular should nurture this rebound: The Korean economy wasn't pulled down by the U.S.-led subprime mortgage crisis, which infected many foreign banks that invested in mortgage-backed securities – the Asian Tiger was pole-axed by a collapse in world trade in the first three months of this year.
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