[Editorial] Mr. President, We Need Your Attention to Economy

The national economy is reeling into an economic depression. Originally, the government predicted that our economy would see a 5% increase. Now, the development rate and our expectations have lowered to 3%. Customers and corporations are not opening up their wallets even with these low interest rates. Down the road, however, more bad news is laying in wait: worsening profitability for banks and credit card companies, signs of real estate speculation, labor disputes about to explode, and the list goes on. More and more business establishments are going under, and more and more young people are in stasis.

Not one politician seems that concerned about the ailing economy however. All they care about is the upcoming general election next year. The ruling Millennium Democratic Party is engulfed in an intra-party feud concerning the establishment of their new party which is yet to have been born. Likewise, the Grand National Party is suffering from a power struggle over the new leadership. Furthermore, President Roh has not given much thought to the economy since his inauguration. The real victim is the general public. Ordinary South Koreans are the ones struggling to make ends meet in this receding economy.

An ordinary South Korean earns $10,000 a year. In other words, we are at a critical stage. We have seen many countries collapse into the back stage of the world, failing to jump over this threshold. We have been here before. In the late 1990s, when our average income was just over the $10,000 mark, an economic crisis threw us well below that crucial psychological barrier. We have struggled to come back, and we did come back, but the future does not seem all that rosy. If we are able to cross this magic line, we will be on our way to becoming one of the most advanced countries in the world. If we fail, we will have to downgrade ourselves into that of a second-class nation, and may stay there for good.

The President needs to roll up his sleeves and do whatever he can to resuscitate these ailing times. His visit to Washington has restored to some extent the friendly relationship between Korea and the US. He needs to dedicate himself to the economy. A tough road is stretched before us: worldwide recession and a weakening dollar. If President Roh gets his priorities straight regarding the economy and spearheads resuscitation efforts, the whole nation may just see those roses on the side of the road.

President Roh devoted his US trip to turning around American investors and inducing investment in our nation. He needs to show us more with regard to the domestic economy. He should visit and listen to the clear and loud voices in each economic sector and pore over ways to make money, along with his cabinet. Instead of trying to find ways in which to win the upcoming election, if he wants his party to see new terms of office, he might want to take a look at the economy.