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S.Korea vows to overcome financial crisis in 3 years

(Xinhua)
Updated: 2008-11-25 14:46

South Korean President Lee Myung-bak said the ongoing global financial crisis can be overcome in three years, South Korea's Yonhap News Agency reported on Tuesday.

A foreign currency dealer walks past screens displaying the Kospi stock price index (L) and exchange rates between the US dollar and the Korean won at the Korea Exchange Bank in Seoul November 24, 2008. South Korean President Lee Myung-bak said the ongoing global financial crisis can be overcome in three years. [Agencies]

"The economic crisis will someday be resolved. The speed of recovery can differ from country to country, but it won't last longer than three years," Lee was quoted as saying by Yonhap.

Lee made the remarks at a meeting with South Korean residents living in Los Angeles.

"The critical moment will come next year, as South Korean exporters are expected to suffer badly from a worldwide slump in consumption. But I'm convinced Korea will be the first to escape the crisis. In two to three years, the world will be witnessing Korea attain greater advancement after recovering from the crisis, " said Lee, who is conducting a two-day visit to LA on his way back home after wraping up his tour to Latin America.