Yoo Seung-min: "President Moon, Good Macroeconomic Flow? ... Not the Time for Self-Deception"

"I am deeply worried about who is writing the manuscript"

[Image source=Yonhap News]

[Asia Economy Reporter Lim Chun-han] Former People Power Party lawmaker Yoo Seung-min stated on the 14th regarding President Moon Jae-in's comment that "it is fortunate that Korea's macroeconomy is showing a good trend despite domestic demand contraction," saying, "This is not the time to 'psychologically console ourselves' by saying the macroeconomic trend is good," and added, "We must focus all our efforts on removing the time bombs lying ahead of our economy."

Former lawmaker Yoo said on Facebook that day, "Whenever I hear the president's remarks about the economy, I wonder who writes that script and am deeply worried."

He pointed out, "If you look a little closer, exports are led by semiconductors, and once you remove the semiconductor illusion, you can see that it cannot be called a good trend," and added, "It is a well-known fact that the economy has been artificially stimulated by increasing astronomical fiscal deficits and national debt."

He continued, "It would be great if the record-high stock prices reflected expectations for a bright future of our economy, as the president said," but added, "However, the current stock price rise is largely a 'money game' driven by the flood of money in the market. That is why experts are warning about the collapse of the asset market bubble."

Former lawmaker Yoo said, "The current macroeconomic trend is not good but a dangerous situation where we do not know when something might happen," and stated, "It is not a situation to praise ourselves by looking only at short-term export and stock price figures and saying the macroeconomy is good."

He said, "Our economy faces three major risks. First, the 'COVID-19 polarization' is so severe that even after COVID ends, a K-shaped polarization is likely to unfold," adding, "Second, failure to introduce COVID vaccines and delays in vaccination mean becoming a loser in the 'COVID divide.' Third, the issue of restructuring insolvent companies and financial institutions barely surviving through emergency support lies ahead of us."

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