Home > Opinion > Editorials

[EDITORIALS]Turn now to the economy

Published: 16 Apr. 2004, 22:24

The legislative elections are over. The curtain of the election season has been lowered and now it is time to think about the economy. In what way can we support our economy? We have to concentrate the mind and energy of the nation in finding the way. How can we make businesses make investments? Make consumers open their purses? And how can we create more jobs? We have to gather our wisdom to answer these questions. There can’t be differences of the rulers and the opposition in this effort. We all have to be one.
Above all, it is urgent to allay misgivings of businessmen, consumers and the people. Although hundreds of trillions of won float in the market, consumption is shrunken and businesses do not make investments even though they have money stacked up. Foreigners also shun Korea. Why do they do so? Because they feel uneasy about Korea. It is because the underlying tone of the present government’s economic and industrial policies is not transparent.
Owing to the ruling party’s success in gaining the majority of seats in the Assembly, however, such uneasiness is reduced to a certain degree. At least, the government policy will not be overturned by the Assembly. Fortunately, few signs have started to appear recently that give us hope for an economic recovery. To make the seed of fire to grow to a full economic recovery, the government and politicians must collaborate as one.
It is necessary for the government to make clear its will to promote basic economic policy consistently. Also, it must concentrate its energy on creating a business-friendly environment by easing regulations and eradicating anti-business sentiment in our society. It must make clear that economic reform will be promoted in accordance with market principles and within global standards.
We desperately need cooperation between the Democratic Labor Party and labor. Many overseas businessmen worry whether the success the Democratic Labor Party made in the elections would make labor relations more unstable. Labor must show them that it will never go that way.
Then the economy will survive and jobs will be created. And the sufferings of grass-roots people from rising consumer prices, unemployment and no credit will be alleviated. Now is time for us to revive the economy.