United Future Party: "Stock Market 'Black Monday'... Government's Urgent Need for Proactive Measures"

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] The United Future Party raised its voice, urging the government to prepare proactive measures in response to the stock market decline and economic downturn.

Lee Chang-soo, spokesperson for the United Future Party, pointed out in a statement on the 10th, "Numerous economic indicators have repeatedly warned that a 'Black Monday' is coming, but despite the perfect storm approaching right before our eyes, the Moon Jae-in administration has done nothing but watch passively without any proactive response."

He added, "Yesterday, Asian stock markets plummeted by 3-5% simultaneously, and the US and European markets also sharply declined together. The KOSPI and KOSDAQ indices fell more than 4%, marking a 'Black Monday.' The government hastily announced a three-month relaxation of the 'short-selling overheated stock designation criteria' and an 'extension of the trading ban period,' but these are only temporary and partial measures, raising doubts about how effectively they can prepare."

Lee mentioned the sharp decline in the consumer sentiment index, average daily exports in February, and the private manufacturing business index, as well as Moody's two downward revisions of the economic growth forecast, criticizing, "The Moon Jae-in administration and economic departments seem so preoccupied with mask policies that they do not even hear the warning signals."

He emphasized, "The control tower, which should be at the center, is stuck in delayed responses and election-oriented supplementary budgets, so proper economic measures are not coming out," and stressed, "The government must urgently take the initiative to prepare proactive economic response measures under the recognition of an emergency situation."

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