South Korean President: Yard crisis threatens entire economy

Many people risk losing their jobs, but there is no way around the reforms a the struggling shipyards, says South Korea's President, Park Geun-Hye. The country's entire economy could be pulled down along the yards, she warns in a speech to Parliament.

Photo: Ahn Young-joon/AP/Polfoto

There are tough times ahead for South Korea's maritime industry as thousands of employees are at risk of losing their jobs in the time to come. But there is no way around the reforms.

If the country's hard-pressed shipbuilders do not get back on track, the country's economy as a whole could be pulled down alongside the crisis-stricken yards, warns South Korean President Park Geun-Hye.

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