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The Korean economy has grown at the rate of 4.2 percent on average for the last four years since the current government took office in 2003, coming in 13th among 15 major Asian countries.
China recorded the highest economic growth rate of 10.3 percent on average during the same period. India, Vietnam, Hong Kong, Singapore and Taiwan also grew faster than Korea. Only Brunei and Japan were behind Korea. In particular, China grew at the rate of 10.7 percent last year, continuing a streak of 10-percent growth for the fourth straight year. India is expected to post an economic growth of 9 percent between April 2006 and March 2007. The Hong Kong and Singaporean economies grew at the rate of 6.8 percent and 7.7 percent.
Korea achieved a potential economic growth rate of 5.0 percent last year for the first time since the government took office, but still lagged behind regional rivals.
President Roh Moo-hyun said in his recent New Year¡¯s address that it would be difficult for a president to achieve the economic growth rate of 5 percent. His remarks sound as if Korea¡¯s growth limit is set at 5 percent. However, among 15 Asian countries, only Korea, Taiwan, Japan and Brunei did not post a rate of more than 5 percent on average for the last four years.
Bae Sang-geun, an economist with the Korea Economic Research Institute, said that economic growth rate is the most important among factors that determine the level of per-capita national income. The economic ranking of a nation would drop if it posts a growth rate 2-3 percent lower than other countries for a certain period, he said.
(englishnews@chosun.com )
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