OECD"s Donald Johnston Comments on Economy
Donald Johnston, director general of the Organization for Economic Cooperation and Development(OECD), who is now visiting Korea, said, 'The reason Korea faced a foreign exchange crisis in 1997 is because Korea piled up too much short-term instead of long-term debt.'Mr Johnston was the main attraction at a seminar which the JoongAng Ilbo hosted in conjunction with the World Economic Forum on February 11 at the Lotte Hotel. 'There is an assertion that the need to open capital markets by Korea led to the current economic crisis in Korea. But this is simply not true.'
'Meanwhile,' Mr Johnston said, 'Korea is now returning to a normal and steady course with foreign reserves above 50 billion dollars and interest rates and the value of won quite secure.'
with the Korea JoongAng Daily
To write comments, please log in to one of the accounts.
Standards Board Policy (0/250자)