Hoping for Great Prospects
in New Year of Pig

The New Year is being ushered in at this time as usual, but the year 2007 seems to be more significant as some people claim that it falls on the most auspicious 600th Year of Golden Pig,"believed to bring great fortunes.
On the other hand, people have already been on edge over possible percussions of upcoming issues, including the presidential election, slated for late this year. In particular, people as well as those in the business circles are nervous about the adverse impact the presidential election might create. They also face such numerous pending issues as skyrocketing real estate prices and the sharp appreciation of the Korean currency.
A warning bell has been sounding that the Korean economy may be trapped in the so-called Triple Deficit Phenomenon during this year. The government will likely see its fiscal deficit expanding from an estimated 10 trillion won in 2006 while the nation's current account is forecast to worsen from $6 billion surplus in the first 11 months of last year to the 2007 projection for a considerable deficit. The projected current account deficit ranges from $1.2 billion to $4.6 billion according to economic institutions, including KDI, Samsung, LG, Hyundai research institutes. The balance of capital account is predicted to swing from $13.2 billion surplus during the January-November period last year to a deficit.
The buzzwords of Korean business groups chairmen as well as government ministers during their New Year's messages include globalization, creativity, innovation and growth engines, all essential factors needed to overcome unlimited competition in an era of globalization.
Recognizing the need to secure next-generation growth engines that will drive the Korean economy to make a smooth sailing in the years to come, Korea Inc. has been aggressively turned to the development of new technologies and designs in several fields, particularly IT sector.
Korea has developed a number of the world's firsts, including the likes of T-DMB and WiBro, while having built up such infrastructure as e-Trade and ubiquitous society to usher in a bright future. For example, the National Information Society (NIA), now 20 years old, is striving to build a ubiquitous-Korea.
Let's pick up the pieces after ending conflicts and bickering during last year and make a new start with a refreshed determination and creative mindset. nw

Publisher-President
Elizabeth M. Oh