S. Korean president says world faces `unprecedented economic crisis`

(ATTN: UPDATES with president's remarks)
By Byun Duk-kun
SEOUL, Jan. 9 (Yonhap) -- The world is facing an economic crisis that it has
never seen or experienced before, but it can be overcome through unified efforts,
the president said Friday, also giving the gloomiest forecast yet for South
Korea's economic conditions for the year.
President Lee Myung-bak said the country's economic conditions could be worse
than predicted.
"We can say we are in a better condition (than others), but 70 percent of our
economy depends on exports, and in that sense, we are in a worse condition," Lee
said in a meeting with some 230 mayors and heads of county and small municipal
offices.
"If the conditions of our neighbors, such as the United States, Europe and China,
get worse and worse, our condition will also get worse not because of lack of our
strength, but because of conditions surrounding us," he added.
The remarks came in addition to his forecast Thursday that the country's real
economy could soon start to stagnate on a full-scale.
bdk@yna.co.kr
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