According to a report in Industry Week.com South Korea is planning to reduce the number of work permits it approves for foreigners to just one third of last year's figure to safeguard existing jobs amid the global downturn. The Korean ministry has been quoted as saying "The reduction in foreign labor is needed to protect job security not only for Koreans but foreigners as well who are already staying here."
This past March Bob referenced a discussion posted in a Growthology.org publication that stated the loss of skilled immigrants to the US would result in an economic catastrophe that will hurt US competitiveness for decades to come, if H-1B visas be restricted . I wonder if the Korean economy will be adversely affected in a similar manner by their ministry's decision. Check out the two articles above. I would be interested in any comments.
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