No More Economic Stimulus Package in the Government`s Plan

President Roh Moo-hyun announced yesterday, ˝I will not allow any pump-priming measures, which can harm the nation`s economic growth potential under any circumstances.˝

On labor problems, he clearly showed his opposition to the demand of the business circle for exerting the government force, saying, ˝How can people trust the government if the president always resorts to the government authority?˝

At a luncheon meeting with over 130 CEOs of Korea‘s leading small-and-medium-sized venture companies on the day, President Roh emphatically said, ˝Recently, I’ve been under strong pressure to revive the slumped economy, but I don‘t think I can employ am economic stimulus package, which tackles the economic growth potential.˝

Roh noted, ˝A rapid economic recovery will do some good on my reputation, and still my belief is that a slow, but stable recovery is more important as it can be sustained in the long term with solid momentum.˝

˝The economic supportive measures the government has taken since the 1989 only destabilized the fundamentals of the national economy and hurt the growth potential by interrupting natural economic cycles,˝ said the president. He repeatedly stressed, ˝Another economic stimulus plan will not be made even though ministers must be irritated (of rising voices for buoying the economy).˝

As the Federation of Korean Industries (FKI) talked of ˝the absence of the President‘s leadership,˝ President Roh said in response, ˝I understand that the current economic difficulties make people to wish for charismatic leaders with great leadership, such as the former British Prime Minister Margaret Thatcher or the former President Park Jung-hee,˝ and went on, ˝but Korea is not in such a time to desperately need a leader of that sort.˝

˝The Iron Woman did not exercise such a firm authority as I do now,˝ said the President, adding, ˝I am more aggressive and concrete than Thatcher in pursuing shifts in the government policies.˝

Young-Hae Choi yhchoi65@donga.com