President Lee says economic crisis far from over

By Byun Duk-kun
SEOUL, May 18 (Yonhap) -- President Lee Myung-bak called Monday for stepped-up
efforts to bolster South Korea's economy and reform its businesses, saying the
country still has far to go before emerging from the global economic crisis.
"It is true the speed of the economic downturn, which had been moving at a
breathtaking pace, has been somewhat reduced and that various economic indicators
are now improving," the president said in his biweekly national radio address.
Lee said this was a good news, and that an upbeat mood in itself can have a
positive impact on the economy. He attributed the country's small growth last
quarter, which stood in contrast to contractions in economies around the globe,
to the government's "bold and swift reaction."
But the president also cautioned that it will take time for improvements in the
economy to produce results in the market and new jobs.
"We still have a very long way left to go. Now is the time when we need to
carefully and calmly evaluate our economic conditions," Lee said.
The most pressing task, he said, is to restructure the country's public and
private businesses to allow future growth.
"It is my firm belief that whether or not we successfully turn this crisis into a
chance to leap forward depends solely on whether we get rid of bubbles and
inefficiency that are widespread throughout our society and whether we take
reform measures and invest for the future," he said.
"I always say this, but preparing for what comes after the crisis is as important
as overcoming the crisis."
bdk@yna.co.kr
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