Gov`t Likely to Revise Economic Target

President Lee Myung-bak said on the recent economic situation, “We should revise the (economic) target for two years (from now).”

Lee had a joint press conference with the Kyoto News and BBC on Sunday, before participating in the G8 summit in Toyako, Hokkaido of Japan, scheduled for July 8, and said, “I failed to foresee that the U.S. subprime mortgage crisis and high oil prices would impact the world economy this much.”

This means that the president hinted at a potential revision of next year’s economic target, after the government recently revised downward this year’s growth outlook from around 6 percent to 4.7 percent.

The president also said on the U.S. beef import issue, “I failed to realize how high the public’s concerns over mad cow disease and food safety are. But if this situation continues, the Korean economy will be negatively affected.” He also expressed his concerns by saying, “If the candlelight vigils continue, it would be difficult for foreign investors and the international community to understand Korea.”

ddr@donga.com