Despite lots of financial help, such as as low-interest loans, more than 7, 000 small firms went bust in the first half of the year, compared with 8, 000 for the whole of 1997.

ECONOMIST: South Korea

He told the BBC in March that the college was half-demolished and it may go bust.

BBC: Few college buildings to go ahead

Spending will be supported by tax rebates in the second half of the year, but the hangover from the housing bust will linger much longer.

ECONOMIST: The world economy

Rather like shipbuilding half a century ago, he says, shipbreaking is a boom-and-bust business.

ECONOMIST: Shipbreaking