Business groups express regret over Roh`s death

SEOUL, May 23 (Yonhap) -- South Korea's business groups on Saturday expressed
regret over the death of former President Roh Moo-hyun, hoping that it would not
have a negative impact on the slowing economy.
Roh, who served as South Korea's president from 2003 to 2008, was confirmed dead
by a regional hospital Saturday morning amid an ongoing probe into a bribery
scandal. He is believed to have committed suicide by jumping off a mountainside
in his hometown of Gimhae, some 400 kilometers south of Seoul.
"His death is a loss to the nation," said Choi Jae-hwang, a spokesman for the
Korea Employers Federation. "We hope that the incident will not have a negative
effect on the country's efforts to overcome economic difficulties."
The Federation of Korean Industries, the country's largest business lobby group,
had a similar reaction, calling the incident astonishing and hoping such a
tragedy would never be repeated.
The remarks come as some economic indicators are reinforcing cautious optimism
that the South Korean economy is nearing its bottom.
The Korean economy narrowly averted a recession, or two consecutive quarters of
contraction, by growing 0.1 percent in the first quarter from three months
earlier. Asia's fourth-largest economy shrank 5.1 percent in the final quarter of
2008.
The government and the central bank are making efforts to bolster the slumping
economy by expanding fiscal spending and cutting rates aggressively.
Last month, parliament approved a record 28.4-trillion won (US$22.8 billion)
extra budget aimed at generating jobs and boosting domestic demand. The Bank of
Korea cut its key rate six consecutive times, totaling 3.25 percentage points, to
a record low of 2 percent until February.
sooyeon@yna.co.kr
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