[Column] Hong Nam-gi Deputy Prime Minister, Don't Miss the Golden Time

[Asia Economy Reporter Jang Sehee] Hong Nam-ki, the Deputy Prime Minister and Minister of Economy and Finance, was once again retained as he was excluded from the cabinet reshuffle list announced on the 5th. This not only reaffirmed President Moon Jae-in's trust in the Deputy Prime Minister but also solidified his role as a member of the 'sunjangjo' who will accompany the government until the end of its term. In this case, Hong's remaining term is 276 days.

During this period of less than 300 days, there are numerous tasks he must wrap up. It is difficult even to mention priorities such as stabilizing the real estate market, improving economic growth rates and fiscal soundness indicators, and recovering employment, as he confidently promised in his public address. Prices, which surged ahead of the Chuseok holiday, show little sign of falling, and housing prices are rising across sales, rentals, and jeonse alike. In this situation, the government has only issued ambiguous statements like "this is a temporary phenomenon," "prices cannot keep rising," and "we will come up with drastic measures." Particularly in the real estate market, prices have risen even more steeply after statements from Deputy Prime Minister Hong and related ministers. Meanwhile, as youth unemployment and the damage to self-employed individuals continue to grow, the atmosphere suggests that satisfactory measures for these groups are being delayed.

If there is one task the Deputy Prime Minister must focus on, it is the restoration of 'policy trust.' The government's tendency to flip policy directions like turning over a hand, reverse decisions during consultations between the ruling party and the government, or fail to maintain a steady course swayed by public opinion is becoming all too familiar. Of course, guaranteeing responsibility and authority is necessary for consistent policy formulation and implementation, but maintaining a steady center free from political interests is also a requirement for Deputy Prime Minister Hong.

Upon his appointment at the end of 2018, Hong Nam-ki mentioned ‘Haehyeon-gyeongjang (解弦更張 - loosening and retuning the strings of a geomungo).’ This was a declaration of his intention to tighten the reins, renew his resolve, and actively pursue economic and social institutional reforms as well as restore private economic sentiment. The remaining term of less than 300 days is hardly sufficient to revive the economic vitality lost due to COVID-19. The golden time to retune the geomungo strings is running out.

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