Monday November 2, 12:04 PM
Lee says SKorea economy exit strategy is premature
South Korea will continue its pro-growth fiscal and monetary policies until the global economy has fully recovered, President Lee Myung-Bak said Monday.
While economic indicators are improving, "I can't say the crisis is over," he told parliament in a speech read by Prime Minister Chung Un-Chan.
"A year ago, we were standing at the entrance of a long tunnel. We're still in the middle of the tunnel, though its bright exit is visible far away..." he said.
"The Korean economy still requires more time for a firm recovery in consumption, investment and employment," Lee said, adding his government will closely coordinate with other countries on an "exit strategy" from stimulus policies.
Asia's fourth largest economy grew 2.9 percent in July-September compared to March-June, its fastest quarter-on-quarter pace for more than seven years.
The recovery has been fuelled by aggressive government fiscal spending and a series of rate cuts by the central bank.
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