South Korean President Lee Myung-bak said on Monday that his government is confident to overcome the current financial crisis.
The president appealed the South Korean people to keep calm to global financial turmoil, stressing that South Korea has 240 billion U.S. dollars of foreign currency reserves and is not vulnerable to foreign exchange crisis.
"Following the outbreak of a financial crisis in 1997, as many as 1.49 million people lost their jobs and 58,000 companies went bankrupt. Mindful of the bitter experience, my government will prioritize maximizing new job creation and minimizing corporate bankruptcies," said Lee in a radio address to the public.
"Amid the widespread economic uncertainties, most advanced countries are projecting their economic growth of less than 1 percent next year. The U.S. is bracing for 0.1 percent growth, while Japan's growth may reach 0.5 percent. Thus, the outlook for the Korean economy is not encouraging," he said.
He said the mutual confidence between the government and the public is the most important factor in overcoming the current financial turmoil.
He appealed that private enterprises, financial institutions, politicians and all other parties faithfully play their own roles in the face of the financial market upheavals.
"The government will transparently disclose all information regarding financial markets and economic conditions and take proper countermeasures. We are also enhancing policy coordination with the world's economic superpowers," said Lee.
Source:Xinhua
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