Dear editor,

A Dec. 4-5 editorial, “Economic downturn,” proves to be a watchtower and a warning for all the stakeholders of the Korean economy in and out of Seoul.

The sluggish growth performance in nine of the 10 key indicators is a serious issue of concern for the economists to debate and discuss. A diagnosis and prescription is needed for an economy which has become an aid donor country from a recipient in the shortest period of time ― a fact of envy by some if not all countries that have seen South Korea in the limelight recently as a host of the G20 summit.

The observation in the editorial that the government has been long on words and short on actions needs to be given serious consideration and thought by policymakers. The performance of the services sector with productivity at 58 percent that of the manufacturing sector is not good for an export oriented economy.

To plan for 2011, we need to resolve a concrete plan of action instead of the lip service of ad-hoc arrangements to the services sector which needs to perform faster than others in the economy in line with other performing economies of the world like India.

It should be kept in mind that there is no sense far from common sense in the world economy than in the panic and fear of the so-called global economic crisis.

Let Seoul have the courage and conviction to say no to the “Made in China’ products for their own survival and safety. This denial will directly hit the Chinese mentality to oppose South Korea and support North Korea for reasons best known to the leadership of hypocrites with concave lenses who divided the Korean peninsula for their vested interest.

M.M. Goel
Professor of Indian economy