President Moon: "Real Estate Issues Remain the Top Livelihood Problem and Reform Task"

2022 New Year Budget Proposal National Assembly Policy Speech... "Best Effort Until the End as a Crisis-Overcoming Government"

[Asia Economy Reporters Ryu Jeong-min and Lee Hyun-joo] "Real estate issues remain the top livelihood concern and a reform task." On the 25th, during the '2022 Budget Proposal Policy Speech' at the National Assembly plenary session, President Moon Jae-in identified real estate issues as an unfinished agenda.

Although the mention of real estate in President Moon's approximately 30-minute policy speech was limited to a single sentence, its significance was notable. President Moon stated, "Behind the rapid growth so far, there are many shadows. South Korea has the most severe low birthrate in the world, and the elderly poverty rate, suicide rate, and industrial accident death rate are a shameful self-portrait of Korea." This means that real estate, along with low birthrate and suicide rates, has become a shadow over South Korea.

President Moon is the first president to participate in all National Assembly policy speeches during his five-year term. Typically, the final policy speech of a term is read by the Prime Minister. President Moon used a PPT presentation to review the achievements of his five-year administration and to explain the importance of the new year's budget proposal.

President Moon Jae-in is leaving the National Assembly after delivering the 2022 budget address at the plenary session on the 25th. Photo by Yoon Dong-joo doso7@

Explaining the expanded budget proposal of 604.4 trillion won that day, President Moon conveyed his intention to "repay by doing his best until the very end as a government overcoming crises."

President Moon evaluated, "Japan's export restrictions have been turned into a reversal opportunity for our materials, parts, and equipment industries to become self-reliant," and "Amid the global COVID-19 crisis, K-quarantine has become an international standard." He explained, "We have achieved the world's highest vaccination rates, surpassing 80% for first doses and 70% for full vaccination relative to the total population."

He particularly emphasized South Korea's rising international status during the COVID-19 crisis. President Moon said, "We are emerging as a soft power powerhouse leading the world in democracy, healthcare, culture, and diplomacy," and "As the United Nations Conference on Trade and Development unanimously decided, our country has truly become a developed nation recognized worldwide."

President Moon Jae-in, after delivering the 2022 budget address at the National Assembly plenary session on the 25th, raises his hand in response to party officials holding signs to see him off as he leaves the National Assembly. Photo by Yoon Dong-joo doso7@

President Moon predicted, "Among major developed countries, we recovered to pre-COVID-19 crisis levels the fastest, and the average growth rate over the past two years, last year and this year, is expected to be the highest."

He also forecasted an expansion in tax revenue this year, stating, "Although there is room for criticism due to inaccurate tax revenue forecasts, it is good for the overall national economy," and added, "We will contribute to improving fiscal soundness by using part of it to repay national debt."

However, the opposition party responded critically to President Moon's policy speech. Jeon Ju-hye, the floor spokesperson for the People Power Party, commented, "The final policy speech was full of self-praise and opportunism," and criticized, "Despite witnessing the prosecution's investigation to save Lee Jae-myung and the whitewashing investigation, they insist only on prosecution and police investigations."

On the 25th, as President Moon Jae-in entered the National Assembly to deliver the 2022 budget address, members of the People Power Party were holding a picketing protest demanding the acceptance of a special prosecution for the Daejang-dong case. Photo by Yoon Dong-ju doso7@

People Power Party lawmakers pressured President Moon by holding promotional materials demanding a special prosecutor for the Daejang-dong scandal as he appeared in the Rotunda Hall in front of the National Assembly plenary session hall for the policy speech. Protests continued inside the plenary session hall, and President Moon exchanged fist bumps only with some People Power Party lawmakers, including floor leader Kim Gi-hyeon.

Earlier, People Power Party leader Lee Jun-seok, after a pre-speech private meeting with President Moon, said, "There have been many debates in the National Assembly over prosecution reform, but I doubt whether the public will be satisfied with the restructured investigation system," and added, "I asked (President Moon) to invigorate investigations related to Daejang-dong with strict guidelines and directives."

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