Lee Ju-young, Deputy Speaker, Proposes "Establishment of a Special Committee in the National Assembly to Address Global Economic Crisis"

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hye-min] Lee Ju-young, Deputy Speaker of the National Assembly from the United Future Party, proposed on the 19th to establish a special committee within the National Assembly to swiftly respond to the economic crisis caused by the spread of the novel coronavirus infection (COVID-19).

At a press conference held at the National Assembly Communication Office that afternoon, Deputy Speaker Lee stated, "The global economy is expected to fall into the worst recession since the Great Depression of the 1930s due to COVID-19. Given Korea's high degree of openness to the outside world, it is inevitable that the Korean economy will suffer severe damage," emphasizing this point.

He explained the background of his proposal, saying, "Along with short-term measures for companies and households on the brink of collapse, long-term countermeasures must be devised in preparation for a prolonged global economic downturn. There is no time to delay for a month and a half until the 21st National Assembly convenes in June."

Deputy Speaker Lee emphasized, "The operating margins of the aviation industry and export manufacturers are deteriorating, and ordinary households and self-employed individuals are facing the crossroads of unemployment and business closures. This is not a problem that can be solved by a one-time emergency disaster relief payment of 1 million won. Proactive liquidity support measures must be devised to prevent competitive export companies from collapsing. Measures should be planned with a perspective of at least 2 to 3 years."

He stated that the special committee should "order the government to develop a contingency plan to respond to the perfect storm (global economic crisis) and prepare scenario-based response plans for each sector such as finance, exchange rates, energy, and industry. The response plans should be entrusted to economic experts in each field who have experience overcoming economic crises, and just as the Korea Disease Control and Prevention Agency announces the number of confirmed cases, crisis response briefings should be held twice a week."

He also supported the budget reallocation advocated by the United Future Party. Deputy Speaker Lee said, "There are budgets that cannot be used because people cannot gather due to COVID-19. In urgent situations like COVID-19, there are budgets that should not be spent this year. By gathering such budgets, it is possible to secure a budget of 100 trillion won. Since budget reallocation is possible, there is no need to prepare a separate supplementary budget."

He added, "The special committee should be composed mainly of lawmakers who will continue their legislative activities in the 21st National Assembly, but lawmakers who will suspend their activities in the 20th National Assembly and wish to participate should also be allowed to join, so that handover to new lawmakers can be made by May 31. I hope that through the special committee's activities before the end of the 20th National Assembly, we can make joint efforts to overcome the economic crisis and contribute to a hopeful start for the 21st National Assembly."

This content was produced with the assistance of AI translation services.