Go to contents

Leading Economic Officials Lack Cooperation: Survey

Posted October. 23, 2008 09:46,   


The majority of domestic economists say Strategy and Finance Minister Kang Man-soo, Bank of Korea Governor Lee Seong-tae and Financial Services Commission Chairman Jun Kwang-woo need better cooperation to tackle the global financial crisis.

The leadership of the three officials earned ratings ranging from 54 to 67 on a scale of 100, according to a Dong-A Ilbo survey released yesterday of 20 economists on the leadership and cooperation of the trio.

The survey conducted Friday through yesterday was made with the help of Shin Wan-seon, a professor of system management engineering at Sungkyunkwan University in Seoul.

On if the Strategy and Finance Ministry, Bank of Korea and the Financial Services Commission have closely cooperated on the global financial crisis, 14 of the 20 economists surveyed (70 percent) answered “no” and five (25 percent) “not bad.” Only one said, “Yes.”

Certain respondents urged the appointment of an economic vice minister to promote close cooperation among the three organizations. Lack of synergy was cited between Kang, who has reaffirmed the government’s economic policy, and Lee, who was chosen by the previous administration.

The 20 economists gave Kang 54 points, Lee 67 and Jun 63 in leadership.

Among the 10 questions on leadership, Kang’s courage got much support but his confidentiality and ability to listen to other opinions received low scores.

Economists lauded Lee’s confidentiality while criticizing his bargaining ability.

Jun earned high scores for tolerance and patience, but received low scores for courage and command.

Most economists agreed that Kang lost public confidence due to his shaky foreign exchange policies early in his term.

kkh@donga.com peacechaos@donga.com