South Korea's president said Saturday the country's economy may shrink in the first half of next year due to fallout from the global financial crisis.President Lee Myung-bak said the economy could hit the bottom in the first six months next year but South Korea may attain economic growth for 2009 on an annual basis. He didn't elaborate.
Lee, who took office in February with a pledge to achieve annual growth of 7 percent, made the grim projection as the country's export-driven economy has been hit by the global slowdown, with exports falling sharply and domestic consumer spending weakening.
Lee also called on officials to make thorough preparations for the economic hardships, saying next year will be a "difficult" period. He made the comments in a meeting with prime minister, finance, culture, education ministers before receiving ministries' policy briefings for 2009.
Earlier this month, South Korea's central bank said the country's economy will grow 2 percent in 2009, compared with a revised estimate of 3.7 percent for 2008. South Korea's economy grew 5 percent last year.
The Asia's fourth-largest economy has not contracted on an annual basis since 1997, when it was hit by the Asian financial crisis that forced the government to seek a $58 billion bailout from the International Monetary Fund.
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