SEOUL: South Korean President Lee Myung-bak marked his first year in office on Wednesday, but there were no celebrations and parties. His popularity has plunged since he took office and instead, anti-MB - referring to Myung-bak - rallies were held in Seoul.

About a year ago, President Lee was sworn in, promising to make South Korea a better place to live. He was the country's first businessman-turned president, winning the election with a record victory margin.

South Koreans looked to him with high expectations. But one year on, it is a different story.

Ki Han Joonl said: "I had high hopes and I know it's not all the president's fault. But the economy is really bad right now. Many say it's a global crisis, but many of his policies don't affect us. A lot of people are saying it's really difficult now and there's very few saying anything positive."

Hwang Ye Ryung said: "It's been only a year and so it's possible things can improve and he can do better. But during this one year, it has been one of the worst times and that he really did a bad job."

Instead of cheers and celebrations, Koreans are struggling to overcome economic difficulties and communist North Korea is threatening war.

Mr Lee's approval rating stands at about 34 per cent in the latest poll by Korea Gallup. That is higher than the 21 per cent in May, but lower than the 52 per cent when he first took office.

His first test came in May after he agreed to resume imports of US beef. Protesters took to the streets for months, demanding a renegotiation with the US on the free trade agreement amid worries of mad cow disease.

Since then, the president has undergone several more tests which many Koreans think he has failed. The economy is one example.

Mr Lee's key campaign pledge was to bring about a seven percent economic growth during his five-year term, 40,000 dollars in per capital income, and make the country the world's seventh largest economy.

That may have helped him win the election but experts said he needs to change tack.

Kim Yong Ho, professor of Political Science at Inha University, said: "Who would have thought that such a huge crisis like this would occur during the presidential elections and even afterwards when the incoming government proposed the 747 policy. What the government has to do now is to quickly give this up and move forward."

Besides, the threat of war from North Korea is not helping the situation. Fears of possible confrontation on the Korean peninsula is further hurting efforts to revive the economy.

Experts said it is important for President Lee to bring back confidence in the Korean economy and security among Koreans and foreigners.