The cause of our economic problems is quite clear. My predecessors did not practice democracy and a free market economy. In fact, there was too little democracy, too much collusion with big business, and too much government-directed finance. Imprudent borrowing weakened our nation's banks and businesses. Today, Korea faces a long and hard challenge.
Unemployment is at a record high.
Sales are falling. Bankruptcies are increasing. Nevertheless, the people and government are joining hands to overcome the foreign exchange crisis and to reform the economic structure. Labor, business and government are doing their part to rebuild the economy. Reform bills have been passed.