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EXCLUSIVE: Korean President Lee Sees Economic Recovery by End of '09
Posted Aug 18, 2008 01:00pm EDT by Aaron Task in Newsmakers, Recession, BankingA nation's economy is suffering from a weak currency, high fuel costs and an overly indebted consumer, which is rapidly losing confidence as job growth stalls. Sound familiar?
Yes, South Korea is battling many of the same ills as America, made worse by its nearly 100% reliance on imported energy and proximity to intensifying competition from Chinese manufacturing.
"I would like to just encourage the Korean people and the public to hang in there for the next year of so along with the government and we will do all that we can to try to improve the overall situation here in Korea," President Myung-bak Lee told me in an exclusive interview at his residence, the Blue House.
A former CEO of Hyundai Construction, President Lee is an avid believer in free trade and deregulation, and is putting a "high priority" on reforming Korea's tax system and related regulations, including those restricting foreign investment.
President Lee believes such changes will help Korea be better positioned for the recovery, paving the way for the nation to reach his ambitious 10 year goals he refers to as the '747' plan: 7% GDP growth, $40,000 in average household income, and becoming the world's seventh-largest economy.
6 Comments
Yahoo! Finance User - Monday August 18, 2008 03:40PM EDT
http://en.wikipedia.org/wiki/List_of_countries_by_external_debt
Yahoo! Finance User - Monday August 18, 2008 06:06PM EDT
The CEO of the Republic of Korea only knows how to handle his administrative team but doesn't know how to communicate with their counterpart North Korea.
J - Monday August 18, 2008 06:53PM EDT
What has North Korea done better to communicate with South? besides shooting a tourist from South and killing its own people in North
pixelplus - Monday August 18, 2008 07:27PM EDT
He will go down in Korea's history as "THE WORST PRESIDENT EVER!!!" With 14 criminal records, Lee's administration is corrupt, incompetant, and totally clueless about domestic & world economy. He is currently attempting to revive Korea's sagging economy by bringing back the real estate bubble for the rich. Middle class is disappearing fast, saddled with heavy mortgage and credit card debt. Small business bankrupcies are increasing at an alarming rate as consumer spending dries up. As his popularity hovers in the 20-30% range, Koreans cannot wait to get rid of Lee and his corrupt party.
gao - Monday August 18, 2008 08:04PM EDT
You people are crazy!?@! you are totally missing the picture. The President of Korea agrees to an appointment with Tech Ticker?! Either Tech Ticker is that famous or the Korean president is really desperate. Anyway, Congrats to Aaron for getting such an interview. I mean honestly, most of countries head only speak through their own propaganda machine and seldom agree to third party interview.
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Yahoo! Finance User - Monday August 18, 2008 01:10PM EDT
what is south korea's debt situation? interested to understand what their per-capita debt might look like.. anyone?