Ex-Official: Korea’s Economy On Edge

“Our economy has been driven to the edge. Wisdom to turn the crisis into opportunities is desperately needed.”

Former Deputy Prime Minister and Minister of Economy and Finance Jin Nyum said that the Korean economy has lost its vitality and is enervated at a breakfast meeting titled “2007: The Korean Economy and Our Choice,” organized by Samjung KPMG yesterday at Shilla Hotel in Jangchung-dong, Jung-gu, Seoul.

Jin expressed his concerns over the national economy saying that it is failing to join the ranks of advanced countries due to job shortages, a sense of deprivation stemming from rising real estate prices, and brain drain.

In particular, he pointed out an “identity crisis” of the Korean society due to conflicts between different regions, classes and generations as the main culprit to national economic development troubles.

sanhkim@donga.com