Lee says real economy likely to take 2 more years to recover

SEOUL, May 22 (Yonhap) -- President Lee Myung-bak said Friday the local real
economy may take two more years to get on its feet, though some economic
indicators show signs of a turnaround.
"Despite some assumptions that economic indicators may show improvements by the
end of the year, it will take one to two more years for a turnaround in the real
economy to be felt," President Lee said in a meeting with executives of small
companies.
"We are passing through a dark tunnel and seeing a glimpse of light from afar,
but we still have a long way to go," Lee said, referring to the ongoing economic
slowdown.
President Lee also pledged to step up policy efforts to lift the country out of
the global economic downturn.
"In order for the country to boost its competitiveness amid the economic crisis,
the government will remove regulations and put other necessary changes in place,"
Lee said.
The South Korean economy, Asia's fourth-largest, grew 0.1 percent on-quarter in
the January-March period after shrinking 5.1 percent in the previous three
months.
pbr@yna.co.kr
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