State-Run Research Institutes Say Restructuring Not Satisfactory
The nation's leading state-run research institutes are complaining that restructuring has not been satisfactory two years after Korea sought rescue loans from the International Monetary Fund.
Economic think tanks like the Korea Development Institute also said yesterday that while policy reforms have been introduced, practices are still similar to those of the past.
During a discussion marking the second anniversary of the injection of IMF funding, Lee Kyung-tae, president of the Korea Institute for International Economic Policy (KIEP) said restructuring in the corporate and financial sectors is of the utmost importance.
``Numerous companies large and small are going through the process of restructuring but it is not clear what specific improvements have been achieved,'' Lee pointed out.
He went on to say Korean companies and financial institutions must identify where they have fallen short and avoid feeling victimized by more foreign competition now that Korea's economy is recovering.
Another leading economist, Lee Sun, president of the Korea Institute for Industrial Economics and Trade (KIET) said there have to be more specific objectives to corporate and financial restructuring. …