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SKorea's Lee: recovery needs 2 more years

(Xinhua)
Updated: 2009-05-22 21:25

SEOUL -- South Korean president Lee Myung-bak said Friday that the South Korean real economy may need two more years to get back on track despite of some optimistic signs.

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"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 recovery in the real economy," President Lee was quoted as saying during a meeting with executives of small companies.

President Lee also vowed to boost the government efforts to pull the local economy out of the current recession.

"In order to promote the country's competitiveness amid the economic crisis, the government will remove regulations, along with focusing on other necessary changes," Lee said.

The South Korean economy, Asia's fourth-largest, is expected to shrink 2.4 percent this year, according to the nation's central bank.