Good morning, my fellow Koreans,

Last week, a powerful typhoon passed through Korea for the first time in 15 years. Typhoon Kompasu slammed the Peninsula hard and left us with much damage. I frequently checked on the real-time situation caused by the typhoon. Despite the efforts made by all of us, including the central and local governments as well as the private sector, the typhoon took a great toll on many parts of the country. More thorough preparations must be made in order to prevent further losses from natural disasters this year.

 On September 2, the Meeting for Emergency Economic Measures, which has been convened for a year and a half, was expanded into the Meeting for National Economic Measures. The change was made so that we could address all aspects of everyday economic problems faced by ordinary households. Looking back on the recent past, the global financial meltdown that started in the fall of 2008 was an enormous crisis matching the Great Depression in its severity.

Exports and stock prices plummeted while currency exchange rates skyrocketed. The Wall Street Journal pointed out in an article that Korea was likely to fall into a state of default. At that time, I made clear my commitment to surmount the crisis and installed an emergency economy situation room in an underground bunker at Cheong Wa Dae to call for public support.

Since then, I have presided over every single weekly session of the Meeting for Emergency Economic Measures. Rumors of economic crisis swirled around the country several times, and I felt laden with great concern. However, I had confidence in the potential of the Korean economy and firmly believed in the strength of national unity that intensifies every time a crisis occurs.

We turned the first corner of the crisis during the final months of 2008 by establishing a US$30 billion bilateral currency swap line with the United States, China and Japan, which reached US$90 billion in total. The currency swap agreement with China was especially meaningful in that it attested to close Korea-China relations as strategic cooperative partners.

The second critical juncture in overcoming the crisis was the first G20 Summit held in Washington D.C. in November 2008. At that time, advanced countries seemed to gravitate towards protectionism in the face of the unprecedented crisis. In response, I emphasized the importance of maintaining the open-door policy and staying away from protectionist actions.

When we look back on history, protectionism had ironically ended up bringing nothing but greater crisis. Particularly worrisome was the fact that protectionism could deal a fatal blow to the Korean economy, which heavily depends on exports. At the end of the Summit, the leaders of the G20 nations were convinced by our argument and agreed to issue a joint statement opposing protectionism. Thanks to this agreement, we could secure our export channels and markets and, at the same time, further elevate our international standing. 

There were encouraging moments too, when we could find a silver lining amidst the dark clouds. On February 23, 2009, the Emergency Measures Conference composed of representatives from labor, management, civic groups and the Government hammered out a grand compromise for the implementation of a job sharing program. The concrete achievement of the grand compromise is important, yet what I value more than that is the attitude of those who were willing to shoulder the burden of others. As a result, we were able to emerge from the global economic crisis faster than any other nation. The Financial Times of the UK termed Korea’s economic rebound as exemplary.

Concerted endeavors across the nation and the continued sessions of the Meeting for Emergency Economic Measures, which I presided over, played important roles. At the same time, the nation’s fortune was also on the rise. In the first half of this year, Korea became the seventh largest exporter in the world for the first time. I would like to take this opportunity to thank everyone, including workers from both conglomerates and small and medium-sized businesses, as well as public officials for standing united throughout the crisis.

Still, the warm breeze of growth has yet to evenly permeate all corners of our society. Last Thursday, I visited a wholesale market to see how vegetables and fruits were selling in the run-up to the Chuseok holidays. I could see that consumer prices have soared. Homemakers who visited the wholesale market at dawn to find the cheapest produce were hesitant to open their wallets. Among other things, I personally witnessed the great increases in the prices of cucumber, zucchini and garlic.

When I was touring the market after wrapping up an on-site meeting, I met with an elderly woman who had been able to open a makeshift store after selling things from a handcart over the past 40 years. I tried to console her as she spoke about her difficulties. She complained that business was so slow even during the high season before the Chuseok holidays. She also mentioned her friend who works in the same market. She said, “My friend has been working for more than ten years now, but her business is worse off than mine. I hope you will give some words of encouragement to her.”

The elderly woman led me to her friend’s potato store. She did not seem to have any customers. When she saw me, tears welled up in her eyes, and she said “Business is really slow…” but could not continue. All I could do was hold her hand and say, “Cheer up.”

After a moment, she started to talk again and surprised me by saying, “There are many people who are even worse off than I am. I hope you will revive the economy and help their businesses. I will manage somehow.” I was both surprised and deeply moved by her big-heartedness in showing sincere concern for others while going through equally difficult situation herself.

I felt so sorry for them that I gave the elderly woman the watch I was wearing. I also bought some cabbages and potatoes from them. They taught me a valuable lesson. I was constantly reminded of their concern for others while riding back home.

Even though the economy is picking up little by little, I renewed my determination to redouble my efforts so that the warm currents of economic recovery would spread rapidly to every corner of the nation. I still remember the elderly merchant I met at Garak Market two years ago. In the same vein, I will remember these two women for a long time.

Fellow Koreans,

The Meeting for Emergency Economic Measures may have dropped the word “emergency” from its name, but the Government still maintains the same degree of alertness. The numbering of the sessions of the Meeting for Emergency Economic Measures is being carried on for the new Meeting to emphasize the continuing need for alertness on the part of the Government. My Administration will step up measures to assist low and middle-income families. As the Chuseok holidays approach, I feel the pain of the underprivileged families even more. That is why the Government has all along been advocating a fair society.

I will do all I can until I see smiles on the faces of the merchants I met at the early morning traditional market. I want to hear them say, “Business is okay, and life is good now.”

As the seasonal weather changes, I hope you will take a good care of yourselves.

Thank you very much.