Gov`t to respond in timely manner to changing economic conditions: official

SEOUL, Feb. 24 (Yonhap) -- The government will respond in a timely and
appropriate manner to changes in global and domestic economic conditions, a
senior policymaker said Wednesday.
Finance Minister Yoon Jeung-hyun said in a weekly economic crisis management
meeting that South Korea recovered more quickly than many other countries last
year because it took aggressive steps to counter the worldwide financial crisis
triggered by the collapse of Lehman Brothers in 2008.
The government in 2009 asked parliament for a record 28.4 trillion won (US$24.78
billion) extra budget that was used to stimulate the sluggish economy hit hard by
drops in trade, business investment and private consumption.
Seoul managed to pull off economic growth of 0.2 percent last year while most
Organization for Economic Cooperation and Development member countries posted
minus growth.
"Despite various difficulties, a quick and aggressive response by the government
and private sector has helped the economy make a better-than-expected recovery,"
he said.
He stressed, however, that because the private sector has not fully recovered and
there are concerns of troubles in some European countries, the country must not
let down its guard.
South Korea is aiming to push up growth to over 5 percent this year.
yonngong@yna.co.kr
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