New Economic Faces Task of Completing Restructuring

Korea Times (Seoul, Korea), January 13, 2000 | Go to article overview

New Economic Faces Task of Completing Restructuring


The new economic team, the third of this administration, faces the task of completing the process of financial and corporate restructuring while maintaining stable economic growth.

And experts warn that the government and the public, are in danger of believing that the crisis is completely over and that everyone can now relax while there still remain important unresolved issues.

In actuality, observers said, the first two economic teams were up to their necks in tiding over the financial crisis and pushing through with financial and corporate restructuring.

They said this new team should focus more on preserving a stable environment and tend to unfinished affairs in a clear-cut manner while helping to heal the wounds of the crisis.

According to them, priority needs to be placed on achieving stable growth without fanning inflation while completing restructuring and continuing government reform in terms of changing the mindset and practices of bureaucrats.

``The new economic team must also address the widening of gap between the rich and the poor which has resulted from the crisis and deal effectively with the fiscal deficit,'' one economist said.

Another important task will be to firm up the foundation for a knowledge-based industry to tap the potential of future-oriented industry and business sectors, he added.

These objectives are by no means easy to achieve, particularly as the nation heads toward April's general elections and there could easily be conflicts of interest.

``Of particular concern is the fact that Korea posted an economic growth of around 10 percent last year and anticipates another expansion of 6-7 percent and this could lead to a situation where reform is no longer a priority,'' the economist said. …

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