[Editorial] Government and Uri Party Are Only Ones Not Waking Up to Economic Crisis

On top of the shock of China’s announcement of strict-economy measures and the rapid increase of international oil price that have heavily depressed our economy, the recent prospect of an increase in U.S. interest rates hit our finance market hard. The composite index, which has accumulating bad luck recently, dropped again by 48 points. It is 145 points lower than it was on April 23. This just shows how fast the freight of Korea economy’s future is spreading among domestic and international investors recently.

The shrinking phenomenon of investment, which will directly affect the future economy’s basic strength, is serious as well. Last year’s actual money invested in facilities decreased by 1,120.5 billion won compared to last year’s statistics, resting on the 1995 level. First quarters’ facility investment this year dropped by three percent from the same period last year. These situations aroused most of the economic professionals and the nation to shout “crisis” urgently.

However, the government and the pro-government party seem to be the only ones to be relaxed. In an economic minister meeting, held on the 7th, far from real situation of the economic frontline, an optimistic view seemed to be the general situation. The Fair Trade Commission and the Uri Party’s revised fair trade law bill, which strangles big companies, puts out investment need. Cheong Wa Dae’s act of bias towards laborers in participating in the selling of public money investment companies, just aids in the showing of labor industry’s needs.

They cannot enliven a dying economy and citizens who are trying to earn money for food with these behaviors. Did the government and Uri Party already forget last year’s confusion due to a distribution and reform ideology far removed from the actual economic situation? They have to realize that salvation comes from encouraging investment and job creation. The reformation argument can come after we have survived through our economic crisis.