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Emerging economies should play greater roles in global financial turmoil: Lee

NEW YORK (Yonhap News) -- South Korean President Lee Myung-bak met a global economic leader in New York Wednesday, proposing that emerging economies should play greater roles in resolving the current world financial turmoil, his office said.

The world financial crisis was a key topic when Lee met with Klaus Schwab, executive chairman of the World Economic Forum, a gathering of the business and government elite from around the world, along with promoting green growth and bridging the gap between advanced and developing nations, it said.

Lee arrived in New York on Tuesday for a speech at the U.N. General Assembly.

Lee told Schwab that the current crisis touched off by fiscal problems in advanced nations is different from the 2008 turmoil in that there is a limit in developed economies' ability to use fiscal and currency polices as stimulation measures, his office said in a news release.

Therefore, Lee stressed that emerging economies as well as the Group of 20 nations forum should play greater roles in leading the world economy out of the crisis and that cooperation with private businesses should also be strengthened, it said.

Lee and Schwab shared the view that green growth is important for sustainable growth at a time when the world suffers from climate change and energy shortages and agreed to work together for that, the release said.


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