Despite Ongoing COVID Risks... President Moon Says "Bright Future for Korean Economy"

President Moon Expresses Determination for Economic Recovery in New Year's Address of the Year of the Ox... Emphasizes 'Final' Effort for a Major Transformation on the Korean Peninsula

[Asia Economy Reporter Ryu Jung-min] "Our economy achieved the highest growth rate among OECD (Organisation for Economic Co-operation and Development) countries last year, and per capita national income is also predicted to surpass G7 (Group of Seven) countries for the first time in history."

On the 11th, President Moon Jae-in's New Year's address delivered at the Blue House focused on Korea's "economic resilience" amid the crisis of the novel coronavirus infection (COVID-19). It reflects the expectation that the economic achievements of last year can be amplified this year as well.

In particular, President Moon emphasized a rosy outlook, stating, "Among G20 countries, Korea recorded the highest stock price increase rate, and despite the crisis, the future prospects of the Korean economy are bright."

[Image source=Yonhap News]

As President Moon mentioned in his New Year's address, even if the national economy improves, it is expected to take considerable time to recover employment and the damages suffered by small business owners and self-employed individuals. Even if COVID-19 vaccinations begin as scheduled from February, there is still a long way to go until the entire population is vaccinated. It will also be important to observe how Korea's appropriate management of risks and the improvement of COVID-19 situations abroad mutually influence each other.

A notable point in President Moon's New Year's address is the simultaneous emphasis on restoring people's livelihoods and expanding the social safety net. He conveyed a plan to overcome the COVID-19 wave based on social safety nets such as the third round of disaster relief funds, the implementation of the National Employment Support System, and the expansion of employment insurance to include special employment types. He also stressed the importance of research and development (R&D) investment to activate three new industries: system semiconductors, future cars, and bio-health, as well as traditional key industries like automobiles and shipbuilding.

Another striking point was President Moon's mention of 'soft power' as a catalyst for Korea's leap to a leading nation. He highlighted the achievements of the idol group BTS and the film Parasite, and introduced the accomplishments of athletes such as Son Heung-min, Ryu Hyun-jin, Kim Kwang-hyun, and Ko Jin-young. A Blue House official explained, "This is the first time that sports-related content has been included in President Moon's New Year's address."

Regarding inter-Korean relations, there was no impactful content like North Korean State Affairs Commission Chairman Kim Jong-un's proposal for a reciprocal visit last year. However, President Moon reaffirmed his commitment to the final efforts for a great transformation on the Korean Peninsula, stating, "A Korean Peninsula without war and nuclear weapons is our duty to pass on to our nation and future generations." This is a point of interest in connection with the ruling party's expectation that Chairman Kim will make a reciprocal visit this year.

Additionally, President Moon reaffirmed his determination to advance key national tasks such as carbon neutrality by 2050 and the Korean New Deal. He pledged, "We will promptly promote core legislation in the 10 major areas of the New Deal, including digital economy transition, climate crisis response, and regional balanced development, and strengthen communication and cooperation with businesses."

The value of 'fairness,' which President Moon used as a keyword at the launch of his government, also appeared in the 2021 New Year's address as he prepared for the fifth year of his term. Regarding reform of power institutions, President Moon said, "Since it involves changing long-established systems and practices, it is true that there are many difficulties and conflicts until it takes root on the ground," and added, "We will communicate and cooperate to stabilize the reformed systems."

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