They elected him in March on promises of faster economic growth, more wealth and a brighter future. But Mr Ma's message was grave. “Since May, when the new administration took office, the world has been rocked by a financial crisis on a scale rarely seen,” he said. “Although this administration has been hard at work, our citizenry expects more from us. We feel deeply the pain of our people caused by the economic downturn.”

Mr Ma's troubles are shared by other leaders elected over the past year on pro-growth platforms but who have been forced into permanent crisis management mode instead by the global financial crisis.

Lee Myung-bak, South Korea's president, won a landslide victory last December on pledges to lift annual economic growth to 7 per cent, to double per capita income to $40,000 (€29,800, ￡23,200) and to make the country the world's seventh largest economy. But the finance minister has now said the government might ail to achieve even its lowered target of 4.7 per cent growth for this year.