Yoon: "More Serious Situations Could Occur... Will Remove Shadow Regulations" (Update)

Attended the 'Economic Policy Direction Announcement Meeting', "Need to Change Economic Structure... Urgent Resolution of Inflation, Interest Rates, and Housing"

[Image source=Yonhap News]

[Asia Economy Reporter Baek Kyunghwan] President Yoon Seok-yeol ordered the government economic team to respond with the resolve that "even more serious situations could occur" regarding the complex crisis facing the domestic economy.

On the 16th at 10 a.m., President Yoon attended the 'New Government Economic Policy Direction Announcement Meeting' held at Pangyo 2nd Techno Valley in Seongnam-si, Gyeonggi-do, and said, "The domestic and international conditions our economy is currently facing are very severe." This came just one day after the presidential office announced the transition to an emergency economic response system amid the current triple crisis of high inflation, high exchange rates, and high interest rates, with President Yoon directly issuing additional instructions on managing the livelihood economy.

On this day, President Yoon emphasized, "We must overcome the immediate livelihood crisis and achieve remarkable growth in our economy to solve the chronic problems of low growth and polarization." To this end, he believes the government’s capabilities must be concentrated so that the private sector can create more jobs and the public can find new opportunities.

In particular, President Yoon once again brought out the card of 'deregulation,' stating, "In times of crisis, we must completely transform the structure of our economy led by the private sector and the market." He added, "The government will remove outdated systems and shadow regulations based on practices not grounded in laws and ordinances that hinder private innovation and new businesses," and "We will boldly improve systems and regulations that damage corporate competitiveness and suppress entrepreneurial spirit."

He also pointed out the contraction of private investment and the decline in productivity. Considering this, President Yoon said, "The government will do everything it can to support R&D and talent development in national strategic industries such as semiconductors, which are strategic assets in the era of economic security."

He urged the new government economic team to urgently resolve issues related to prices, interest rates, and housing that the public is facing. Instead, the government plans to step in to reduce the private sector’s production cost burden and stabilize living prices as much as possible. President Yoon emphasized, "Let us establish an economic crisis response system with extraordinary resolve to restore the dynamism of the economy."

The atmosphere within the presidential office has already changed. Currently, the presidential office has changed the nature of the morning meetings chaired by the Chief Presidential Secretary to the 'Emergency Economic Situation Room,' and the order of the senior secretaries’ meetings chaired by President Yoon has been changed so that Chief Secretary for Economic Affairs Choi Sang-mok reports first. Additionally, the economic ministers’ meeting led by the Deputy Prime Minister for Economy has been renamed the Emergency Economic Ministers’ Meeting, and the attendance of the Chief Secretary for Economic Affairs at the macro-finance ministers’ meetings has been regularized to share President Yoon’s awareness.

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