Officials Hope Informal Gathering Will Spur Economic Policymaking

Political observers are wondering if a few rounds of boilermakers and other alcoholic lubricants at an upscale resort will succeed in doing what has been difficult to date － developing a political consensus on what to do about the economy. Sparring government officials and lawmakers from the two major political parties will attend a two-day retreat at Oak Valley in Kangwon province to discuss the national debt, public spending, and what do do about the Hyundai Group and the sale of defunct Daewoo Motor.

In a rare event, the nation's economic policymaking team and lawmakers will meet on May 19-20 at the resort complex near Wonju. The government will send economic Deputy Prime Minister Jin Nyum, Minister of Planning and Budget Jeon Yun-churl and Governor Lee Keun-young of the Financial Supervisory Service.

The ruling Millennium Democratic Party said that it will field its chief economic planner, Chung Sye-kyun, second policymaker Kang Un-tae, Hong Jae-hyong and Rep. Park Byung-yoon.The opposition Grand National Party said that it will field its chief economic policymaker, Kim Mahn-je, Lee Sang-deuk, Lee Kang-too, Lee Hahn-koo and Ahn Taek-soo.

The group does not lack experience in economic leadership; Hong Jae-hyong and Kim Mahn-je were both Jin Nyum's predecessors as the government's chief economic manager. Lee Sang-deuk and Chung Sye-kyun are former top corporate managers: Mr. Lee with the Kolon Group and Mr. Chung at the Ssangyong Group.

The impetus for the conference came from a heated debate between opposition legislator Shin Yung-kook and the deputy prime minister over public funds at a National Assembly committee meeting in April. The two agreed to the retreat after the meeting.

"True, the three parties all have different views on the current economic situation. But just getting together will be psychologically reassuring for the economy," a National Assembly official said.

by Noh Jae-hyun