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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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