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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: SKorean president vows to kickstart slumping economy AFP - 2 hours 50 minutes ago SEOUL (AFP) - - South Korea's President Lee Myung-Bak said Friday his government will step up efforts to bolster the slumping economy, including boosting liquidity and introducing tax cuts. His comments come as Seoul struggles amid the world financial meltdown, which has hit South Korea hard. "Any country or individual in the world was unable to foresee the start of this global economic crisis. Likewise, no one is able to predict when it will end," Lee said during the live address. "There is a forecast that the economy will start getting better in the latter half of this year. I will do my best to make sure this positive outlook will come true," he added. He said last week that South Korea had sealed currency swap deals with China, Japan and the United States worth a total of 90 billion dollars. "Now, voices expressing concerns about South Korea's foreign exchange reserves have died down," he said. But the won weakened sharply in the first trading day of the new year, trading at 1,322 won per dollar in mid-morning, compared with 1,259.5 won the previous trading day, as demand for the greenback rose for import settlements. Lee said the government will give priority to easing the credit crunch, noting that Seoul has already been funnelling more than 20 trillion won (15 billion dollars) into banks for this purpose. Financial support to small and medium-sized enterprises (SMEs) will be increased by more than 11 trillion won. For SMEs that place workers on temporary paid leave instead of laying them off, the government will shoulder up to three quarters of their wages to avoid unemployment, Lee said. The government will also ease regulations and cut taxes to encourage investment while spending 60 percent of this year's budget in the first half of the year to bolster demand. The Ministry of Strategy and Finance said in its Outlook and Policy Outline for 2009 that growth next year would be "more or less three percent," compared with last year's expected 3.6 percent. Even the revised growth target is one percentage point higher than the central Bank of Korea's prediction of two percent made earlier this month. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy TOPWRAP 1-China, India, Russia factories slash output, jobsReuters - 15 minutes ago SKorea swings to trade deficit in 2008AFP - 2 hours 46 minutes ago SKorean president vows to kickstart slumping economyAFP - 2 hours 50 minutes ago Alstom boss says world should not buy Chinese trains: reportAFP - Friday, January 2 Related Articles: Business Nokia CEO to favour profit over sales targets - FTReuters - 14 minutes ago TOPWRAP 1-China, India, Russia factories slash output, jobsReuters - 15 minutes ago Oil falls to below $42 a barrel in AsiaAP - 22 minutes ago CORRECTED - CORRECTED-Malaysian stocks pre-open session hit by technical gliReuters - 32 minutes ago Russian December oil exports rise 18 pct m/mReuters - 50 minutes ago Enlarge Photo SKorean president vows to kickstart slumping economy Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Rare Bugatti untouched for 50 years could fetch millions: report NASA describes final moments of Columbia tragedy Hamas defiant as Israel rejects Gaza truce Actress Jennifer Aniston appears naked in GQ magazine Japanese tourist spends 3 months in Mexico City airport View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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