The global economic crisis will test whether South Korea can gain long-term competitiveness by changing its heavy reliance on exports and a limited number of big companies, veteran journalists from the country told a recent symposium in Tokyo.

The administration of President Lee Myung Bak has spelled out ambitious goals of creating new demand and jobs through his version of the "Green New Deal," but questions remain over whether it can create new engines to drive the economy, they said.

Four journalists from South Korea's major newspapers took part in the March 13 symposium organized by the Keizai Koho Center to discuss the country's economic, social and political outlook as it tries to cope with the fallout from the global crisis. Motohiro Ikeda, an editorial writer for the Nikkei business daily, served as moderator of the event.