The former opposition leader was also credited with stabilising the Asian country's democracy after years of authoritarian rule and military dictatorship.

He is survived by his wife and three sons.

Thousands of South Koreans are expected to pay their respects to the former dissident who was admired for his attempts to stabilise South Korea's economy following the Asian crisis in the 1990s.

Park said an altar for Kim was to be set up at the hospital.

UN Secretary General Ban Ki-moon, who is currently visiting his home country, is planning to pay his respects to Kim there, a UN official accompanying Ban said.

Kim is the second former South Korean president to die this year, following the suicide of his successor in office, Roh Moo Hyun. Roh, 62, jumped to his death from a rock in May after an investigation into corruption allegations surrounding his family.

South Korea's space agency said it would go ahead with the country's first space rocket launch scheduled for Wednesday afternoon despite Kim's death, reversing earlier considerations of a postponement.