Pres. Lee Warns of 3rd Oil Shock for Korea

President Lee Myung-bak yesterday warned that Korea faces a third oil shock.

“The government should tighten its belt and take the lead in stabilizing consumer prices and reviving the economy,” he told a meeting of senior presidential secretaries.

“The crisis we are confronted with is one that the government alone cannot overcome. The government, parliament, business and labor must all pool their wisdom and efforts to tide over this crisis.”

The president also urged the 18th National Assembly to get back on track to help implement bills on the public’s livelihood and take the initiative in formulating measures for economic revival, including deregulation and tax cuts.

“To create jobs and overcome the economic crisis, all economic-related parties must do their share and make concessions to each other for the nation,” he said.

mhpark@donga.com