Rep. Kim Hoe-jae: "Gwangju-Jeonnam June Economic Pain Index 9.1... Jeonnam Hits All-Time High"

Analysis of Statistics Korea Data: Jeonnam Economic Pain Index Hits All-Time High, Gwangju Reaches Highest Level in 14 Years

[Yeosu=Asia Economy Honam Reporting Headquarters Reporter Choi Cheol-hoon] Due to high inflation, the economic distress index in Gwangju and Jeonnam soared last month. Jeonnam's economic distress index recorded an all-time high. Gwangju also showed the highest economic distress index in 14 years.

According to an analysis of Statistics Korea data by Kim Hoe-jae, a member of the Democratic Party of Korea (Jeonnam Yeosu City Eul), the economic distress index for Gwangju and Jeonnam last month was 9.1. This is higher than the national economic distress index of 9.0.

The economic distress index quantifies the quality of life felt by the people and was conceived by American economist Okun. It is calculated by adding the inflation rate and the unemployment rate.

Last month, Jeonnam's consumer price inflation rate was 7.1%, and the unemployment rate was 2.0%. In Gwangju, the consumer price inflation rate was 6.3%, and the unemployment rate was 2.8%.

Jeonnam's economic distress index recorded the highest level since 1999, when the unemployment rate statistics collection criteria were changed, based on June data. Gwangju recorded its highest level in 14 years since 2008 (10.1).

Among the 17 metropolitan cities and provinces, last month's economic distress index was highest in Gyeongnam (10.2), Chungnam (10.0), and Gangwon (9.8). The economic distress indices for these regions in June are the highest since 1999.

Other local governments ranked as follows: Incheon (9.7), Jeju (9.4), Chungbuk (9.3), Ulsan (9.3), Sejong (9.1), Gyeongbuk (9.1), Jeonbuk (9.1), Busan (9.1), Gyeonggi (8.9), Daegu (8.9), Daejeon (8.6), and Seoul (8.5).

Last month, the national economic distress index (9) recorded the highest level since June 1999, when the unemployment rate statistics collection criteria were changed.

The national economic distress index last month rose by 2.9 points compared to the same month last year, marking the largest increase in 14 years since 2008 (2.9 points).

Rep. Kim Hoe-jae said, “With high inflation, high exchange rates, high interest rates, and now employment slowdown becoming a reality, the economic distress index of the people has reached an all-time high,” adding, “A 'perfect storm' is approaching, but only a prosecution republic is visible, and the president, who is the control tower for crisis response, is nowhere to be seen.”

He continued, “Concerns are rising that a 'perfect storm' is coming to the lives of ordinary and middle-class people due to tax cuts for the wealthy, austerity budgets, and neoliberal policies combined,” emphasizing, “The Yoon administration's national policy direction must be drastically revised so that the state can take responsibility for the lives of its citizens.”

Yeosu=Asia Economy Honam Reporting Headquarters Reporter Choi Cheol-hoon hss79@asiae.co.kr

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