quarterly at an average rate of −6.65%. and South Korean chaebol Daewoo was dismantled by the government in 1999 due to debt problems. American company General Motors managed to purchase the motors division. Indian conglomerate Tata Group, purchased the trucks and heavy vehicles division of Daewoo. Actions by the South Korean government and debt swaps by international lenders contained the country's financial problems. Much of South Korea's recovery from the 1997 Asian financial crisis can be attributed to labor adjustments (i.e. a dynamic and productive labor market with flexible wage rates) and alternative funding sources. By the first quarter of 1999, GDP growth had risen to 5.4%, and strong growth thereafter combined with deflationary pressure on the currency led to a yearly growth of 10.5%. In December 1999, president Kim Dae-jung declared the currency crisis over. 2000s Korea's economy moved away from the centrally planned, government-directed investment model toward a more market-oriented one. These economic reforms, pushed by President Kim Dae-jung, helped Korea maintain one of Asia's few expanding economies , with growth rates of 10.8% in 1999 and 9.2% in 2000. Growth fell back to 3.3% in 2001 because of the slowing global economy, decreased exports, and perceptions that corporate and financial reforms have stalled. After the bounce back from the 1997 Asian financial crisis, the economy continued strong growth in 2000 with a GDP growth of 9.08%. However, the South Korean economy was affected by the September 11 Attacks. The slowing global economy, falling exports, and the perception that corporate and financial reforms had stalled caused growth to decrease to 3.8% in 2001 Thanks to industrialization GDP per hour worked (labor output) more than tripled from US$2.80 in 1963 to US$10.00 in 1989. More recently the economy stabilized and maintain a growth rate between 4–5% from 2003 onwards. Led by industry and construction, growth in 2002 was 5.8%, despite anemic global growth. The restructuring of Korean conglomerates (chaebols), bank privatization, and the creation of a more liberalized economy—with a mechanism for bankrupt firms to exit the market—remain an unfinished reform task. Growth slows down in 2003, but production expanded 5% in 2006, due to popular demand for key export products such as HDTVs and mobile phones. Like most industrialized economies, South Korea experienced setbacks during the Great Recession. Growth fell by 3.4% in the fourth quarter of 2008 from the previous quarter, the first negative quarterly growth in