The government has announced that in managing the economy next year, it is going to place the greater emphasis on economic recovery and building the infrastructure for sustainable development. That makes sense when the people are thirsty for economic recovery and there is a lot of anxiety about a lack of momentum that would power future growth. And everyone wants to see 5 percent growth and 400,000 new jobs next year as the government predicts.
The key question is whether that can be achieved without negative side effects, and whether progress can be made on issues that need to be addressed. In that sense, finding the right approach will not be easy. No matter how hard you may put policy to work on reducing economic disparity, creating growth for the next phase of the economy, and getting labor and the government talking again, all that will still be difficult. Looking at the government's immediate plans, however, all you see are lists of the many ideas thought up by bureaucrats, and nowhere do you find evidence of resolve to accomplish any specific one goal in the year ahead.
Of particular concern is how the overall focus is on economic expansion. There are regional elections next year and the year after that comes the next presidential election, meaning the government needs to be on the ball more so than at other times. Furthermore, the general view is that the economy is heading towards recovery. There is a certain time lapse involved before policy becomes effective, and if the government gets hasty now it could cause negative side effects. It says it is going to stay flexible as it watches the situation progress, but past experience suggests that adjusting policy does not come easily. There is the potential for a bubble effect on the economy anyway next year because of the construction of the "government administrative city" and "innovation cities." We hope to see the government adapt policy to the situation, support long-term economic potential, and work on healing the economic issues that have piled up such as economic disparity and the bubble effect.
The Hankyoreh, 29 December 2005.
[Translations by Seoul Selection]
[Editorial] Work On Economy But Be Patient |
