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Lee calls for balanced economic growth

All Headlines 14:14 May 24, 2012

SEOUL, May 24 (Yonhap) -- President Lee Myung-bak said Thursday South Korea should seek balanced economic growth that benefits not only individual firms but also all other sectors if the country wants to continue growth without harming social stability.

"Our society has continued growth so far, and we have been satisfied that growth rates have been high," Lee said during an economic policy meeting. If such a pattern continues as is, it "would cause social instability and make sustainable development impossible," he said.

Lee said the "current structure where only specific firms" grow should be changed.

The remark is in line with Lee's long-running calls for "ecosystemic development" or shared growth, where the rich, such as large conglomerates, do more to help those less well-off, amid perceptions that big firms dominate the fruits of economic growth.

Lee believes social inequality has worsened so much in market-based economies it could destabilize societies unless such gaps are narrowed. He has called for a new model of market economy with a greater emphasis on sharing the benefits of growth with the less privileged in society.


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