Seeing Money In Transparency
As Korea finds itself dragged into a disastrous vortex of faltering exports, collapsed consumer spending and spiraling debt, government officials appear at a loss on how to prevent the country’s fragile recovery from derailing, The Korea Times reported. But they could do much worse than starting from eliminating corruption and cronyism from the bureaucratic veins, according to a number of economists here. The subduing economy pretty much ensures that President Lee Myung-bak is going out on a whimper. Upon unpacking at Cheong Wa Dae, the CEO-turned-politician had vowed to hang his legacy as head of state on adding pace to the country’s economic growth. But for all his preparation and scheming, the economy had a mind of its own. Subduing exports and decimated consumption continue to take a bite out of gross domestic product (GDP), while the triple fears of a toxic Europe, sluggish recovery in the United States and a slowing China have policymakers beaten down intellectually and emotionally. Read more.