Kim Stresses Early Restructuring

President Kim Dae Jung on February 21 emphasized early economic restructuring with positive confidence of recovery in his second 'Talk with the People' since his inauguration last year.
In the live broadcast carried by the three major networks- KBS, MBC and SBS- Kim said, 'Our economy in 1999 will grow by two percent and a further five percent in 2000, but this will only be achieved with reform, and true restructuring for better competitiveness.'
He added, 'The chaebol's 'big deal' promises to both the people and the government must be fulfilled, and there will be neither a helping hand nor further sacrifices by people or banks for idle business groups.'
The president predicted that consumer prices will not increase by more than three percent. Any increases in fees for utilities and other government services will be kept to a minimum, he promised.
Kim continued, 'Layoffs should be able to be done anytime business groups feel they are necessary to achieve financial competence. This is also guaranteed by the law. The unemployment rate will climb higher in the immediate future, but it will decrease in the long run. People should be ready and willing to work in difficult less glamorous jobs, not just the higer-paying comfortable ones.'