(MENAFN - Qatar News Agency) South Korean President Lee Myung-bak said Thursday that his country will take the global economic crisis as a chance to refurbish its economy .
Though the global economic slowdown is weighing on South Korea's economy, he believed the country's economy will be able to turn around before long.
"The government will take this crisis as an opportunity to overhaul the fundamentals of our economy and get the economy to be thoroughly prepared to make a high leap again when the global economy recovers," South Korean news agency (Yonhap) quoted Prime Minister Kim Hwang-sik as saying in a parliamentary budget speech today on behalf of President Lee.
Lee said the government plans to inject more than 10 trillion won (US9 billion) before the end 2012 to help slow economic contraction.
He added that the government sought to expand spending in consideration of economic difficulties, while at the same time trying to maintain a budget balance compared with the gross national product.
Last week, the government announced its budget proposal for 2013, which calls for spending 342.5 trillion won, up 5.3% from 2012.