Economic crisis to peak in first half of 2009: Lee

President Lee Myung-bak said yesterday the nation will face the most difficult period in the economic crisis in the first half of 2009.

He called for preemptive government action to minimize the economic contraction and help Koreans -- especially the poor and the unemployed -- weather the malaise as painlessly as possible.

"Next year will be the hardest year and the first half will be tougher," Lee said during an expanded Cabinet meeting to discuss the direction of their economic policies for 2009.

"The world encountered an economic crisis this year and each country will be overcoming the crisis next year," he said.

Lee stressed the need for the government to execute measures "most quickly and effectively" and for all sides to cooperate and help each other to overcome the crisis.

He called on policymakers to have a long-term vision and prepare for a post-crisis world economic order.

"Overcoming the economic crisis is important. But we should do so in a way that will allow the nation to leap forward in a new world economic order after the crisis," said Lee.

Later in the day, he reaffirmed his commitment to protecting the poor and vulnerable during a meeting with 250 officials in charge of social welfare in local governments.

"The economic crisis hit the poor earliest and hardest. The government will implement measures promptly to enhance the social safety net and protect low-income citizens," he said.

By Hwang Jang-jin



(jjhwang@heraldm.com)