Real Estate and Labor Markets Introducing “Crisis Alarm”

The government has decided to extend an early warning system, an alarm that sounds in times of economic crisis, from international issues such as fast changing exchange rates and capital outflow to domestic issues such as finance, raw material, real estate, and labor market.

Furthermore, it decided to introduce a systematic economic crisis management system such as opening an economic state review meeting once a month to react to crises quickly.

The government opened an economic policy meeting yesterday at Cheong Wa Dae with President Roh Moo-hyun, Prime Minister Lee Hae-chan, and Minister of Finance and Economy Lee Hun-jae to discuss introducing the economic state review system and operations.

The economic state review meeting will be led by the president or the deputy prime minister and will decide upon the economic state and the methods to solve the problems.

Chi-Young Shin higgledy@donga.com