President Lee Myung-bak on Saturday had intensive discussions with business leaders and civilian experts on ways to boost weakening domestic demand in the face of the global fiscal crisis, aides said.

Topics also included measures to revitalize the slumping real estate market and lure more investment to boost the economy, they said.

As part of efforts to fuel domestic consumption, the experts suggested a variety of ways to boost tourism during the summer vacation season and consumption by high-income earners, the aides said.

The participants also exchanged views on scrapping the current price ceilings for new apartments built by civilian investors, revamping taxation and financial deregulations and expanding public rental housing, they said.

Finance Minister Bahk Jae-wan, during the forum, painted a grim picture of the local economy.

"The European fiscal crisis shows signs of protraction and is unlikely to get better soon," Bahk was quoted as saying by the presidential spokesman Park Jeong-ha. "The local economy, accordingly, may continue to experience low growth." (Yonhap)