Feb. 23 (Bloomberg) -- South Korean President Roh Moo Hyun said he will leave the ruling Uri Party this month to help members settle conflicts before December's presidential election, according to the presidential Blue House.

``I am sorry that I could not overcome the country's structural problems and wrong political practices,'' Roh said at a meeting yesterday with party leaders, according to the Blue House Web site. ``I'm worried about groundless attacks against the president for political gains ahead of the election.''

Roh said his departure may lead to differences being resolved between his supporters and opponents in the party. He took office as president in February 2003 for a five-year term.

Voters are turning their back on the president due to his perceived failure to deliver on promises of higher incomes, affordable housing and more job creation. His approval ratings fell as low as 13.4 percent in January, the lowest of his presidency, according to a survey conducted by Gallup Korea. The Uri Party said it will change its name.

``He's got only a year or so in office and you can't expect a lame duck president to get much accomplished,'' said Lee Nam Young, a professor at Sookmyung Women's University. ``It can be viewed as a move to keep his power and pursue his uncompleted policies. It's hard to say whether his departure itself will be beneficial for the ruling party at the upcoming election.''

South Korea's $788 billion economy is forecast to expand at 4.5 percent this year, the slowest pace in five years, as a global slowdown reduces demand for the country's exports and consumer spending remains week, the Ministry of Finance and Economy said last month. It expanded at about 5 percent in 2006,

Prime Minister Han Myeong Sook will step down next month from the post to rejoin the Uri Party, her office said. Other ministers from the Uri Party including Health and Welfare Minister Rhyu Si Min will continue as party members and stay in their posts in the Cabinet, the office said.

To contact the reporter on this story: Kim Kyoungwha in Seoul at kkim19@bloomberg.net.

Last Updated: February 22, 2007 20:20 EST