Deputy Prime Minister Lee: “2005 Economic Growth Rate May Drop to Four Percent”

Finance Minister and Deputy Prime Minister Lee Hun-jai said yesterday that a five percent economic growth rate will be achieved next year, but that it is also possible that the rate may drop to the lower part of four percent depending on the situation.

Deputy Prime Minister Lee said at a luncheon meeting, which was held at the floor leader’s office on the same day with the participation of leading members of the ruling Uri Party and ministers of economy-related departments, “It is possible that economic growth rate next year will drop to about 4.5 percent or to even the lower part of four percent in accordance with the situation, which comes out to a 0.5 to one percent decrease compared with this year,” said a spokesperson of the ruling Uri Party.

Lee expressed his worries, “I believe there is no major roadblock in achieving five percent economic growth next year. However, if the growth rate of the four quarters of this year, from October to December, falls, it is possible for the rate to drop somewhere around four percent.”

However, Lee stressed, “The government and the party have agreed that the government should strive to achieve five percent economic growth, devise various measures to create over 400,000 job opportunities next year, and then implement them into practice.”

Jong sik Kong kong@donga.com