By Jung Sung-ki
Staff Reporter
President Lee Myung-bak called for nationwide efforts Wednesday to overcome the current economic troubles, saying the country is facing the start of a third ``oil shock.''
``The economic difficulties we're facing are similar to those from the first and second global oil shocks,'' Lee was quoted by his spokesman Lee Dong-kwan as saying during a meeting with senior secretaries at Cheong Wa Dae.
``We can't overcome this crisis only with efforts by the government. All sectors of the country including politicians, businesses and workers should pool their wisdom and join forces,'' said the President.
He added his government would push for ``belt-tightening'' measures and efforts to stabilize consumer prices and revitalize the economy.
Lee urged the political parties to convene the National Assembly, which has been paralyzed due to disputes over the resumption of U.S. beef imports, to deal with bills related to the people's livelihood and economic revival. The United Democratic Party and other opposition parties have been boycotting the Assembly for more than a month in protest of the government's decision to resume imports of American beef.
``The Assembly has to take the lead in materializing tax cuts and regulatory reforms to help save the economy,'' Lee said.
A senior presidential secretary told reporters that the economy is now on the verge of falling into a worrisome situation, with crude oil prices approaching $150 per barrel.