Recession Blues..

Time to pool wisdom to ride out hard times..

The Lunar New Year holiday is marked by the disappearance of its festive mood, particularly due to the global financila and economic crisis. South Koreans are uneasy about the nation's largest traditional holiday, during which they visit hometowns and get together with family members. Many of them have to bring bad news to their parents and relatives this time.

Holidaymakers' conversations will surely be dominated by gloomy news about the slumping economy, corporate restructuring and job losses. They have no choice but to feel left out in the cold. The gloomy atmosphere is likely to go from bad to worse due to a cold spell to hit the country during the four-day holiday ending Tuesday. The bad news is that people will have to tighten their belts, with the economy on the road to a recession.

It is certain that the economy will continue contracting until the end of June. Many economists predict that it will rebound in the second half, although it's truely difficult to tell exactly what will happen because of rapidly changing situations at home and abroad . What's for certain is that there is little sign of a solid recovery in the foreseeable future. In other words, we're just entering the dark tunnel with no end in sight. As such, people have to bite the bullet, just as they did during the 1997-98 Asian financial crisis.

It is no surprise that the country will be hit harder by worldwide turulence than any other country because its economy is higly dependent on exports, which are now plunging. All economic players have to learn how to cushion the economic shock.

But we should not give up hope for a better future. We have to remember that every cloud has a silver lining. Our turbulent history shows Koreans have turned many crises and ordeals into opportunities- from rising from the ashes of the 1950-93 Korean War to making the Miracle of the Han River and emerging as the world's 13th largest economy. Most of all, we need new leadership to achieve social integration and national harmony for the next step. Shake off al the recession blues and have a happy holiday.