[Survey] Public and Experts Say "Top Priority for Next Year's Economic Policy: Responding to COVID-19 Uncertainties"

Most Urgent Task: 'Responding to COVID-19 Uncertainty'
Experts and General Public Urge "Balancing Economy and Quarantine Measures"

On the 7th, one day before the government's implementation of raising the social distancing level to 2.5 in the Seoul metropolitan area, commuters hurriedly walked wearing masks at Sindorim Station in Seoul. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Jang Sehee] Both the general public and economic experts identified 'responding to uncertainties caused by the novel coronavirus (COVID-19)' as the most urgent task for next year's economic policy direction.

On the 17th, the Korea Development Institute (KDI) conducted a '2021 Economic Policy Direction Survey' targeting 1,000 general citizens and 343 economic experts. As a result, both experts (41.1%) and the general public (32.0%) pointed to responding to COVID-19 uncertainties as the top priority for next year's economic policy direction.

When asked about tasks for a major transition to a leading economy, experts recorded a high response rate for securing future growth engines, while the general public emphasized establishing a sustainable growth foundation.

Regarding key policies to respond to COVID-19 uncertainties, both experts and the general public called for balancing the economy and quarantine measures. For key policies to boost economic recovery, both groups identified comprehensive investment promotion and revitalization of the domestic economy as priorities.

As for policies well executed this year, experts cited stimulating domestic demand such as consumption, while the general public pointed to support for small business owners and others affected. However, both groups agreed that job retention and creation require improvement. To stabilize employment, experts emphasized expanding employment increase incentives, while the general public prioritized customized job support as a core task.

For priority areas to secure future growth engines, experts highlighted the Digital New Deal, whereas the general public pointed to manufacturing innovation such as the BIG3 (future cars, bio-health, system semiconductors).

Regarding key policies to strengthen inclusiveness and fairness, both experts and the general public stressed the need to close gaps caused by COVID-19 in consideration of difficulties during the pandemic era. In particular, experts called for expanding social safety nets such as livelihood, healthcare, and housing.

Notably, in this survey, both experts and the general public frequently mentioned 'COVID-19.' This appears to reflect calls for policy directions that can overcome the expected economic downturn due to the prolonged COVID-19 pandemic.

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