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Korea's top 30 conglomerates point to National Assembly as biggest barrier to growth

Updated: 2014-08-19 06:47:51 (KST)
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A new survey suggests Korea's legislative branch is to blame for the stall in government efforts to spur growth.
More than 80 percent of the nation's 30 biggest conglomerates surveyed by the Chosun Ilbo daily said the National Assembly was stifling economic progress.
They pointed to the delayed passage of major economic stimulus bills as the reason.
More than half of the companies said they would expand investments and hire more employees once the related legislation passes.
Earlier this month, Finance Minister Choi Kyung-hwan urged the parliament to pass 30 long-pending stimulus bills as soon as possible.
Nineteen of them have been awaiting approval by the National Assembly for more than a year now.
After Finance Minister Choi took office in mid-July, the government laid out a set of aggressive stimulus measures, expressing concerns about the possibility of a long, slow-growth trend, resembling that of Japan.
If the bills aren't passed soon, experts are concerned the golden time to maintain recovery momentum could be missed.
Hwang Ji-hye, Arirang News.


Reporter : emilyfwang@arirang.co.kr

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