Yoon Delivers Daily 'Livelihood' Messages Ahead of First Holiday in Office... Closely Monitoring 'Economic Situation'

"Not a Major Concern for External Financial Soundness"... "Grateful and Sorry" During Market Visit

[Image source=Yonhap News]

[Asia Economy Reporter Baek Kyunghwan] President Yoon Seok-yeol has stepped up efforts to manage the livelihood economy ahead of his first holiday since taking office. He issued a cautionary message against the market's excessive anxiety about external financial soundness and also instructed each ministry to thoroughly prepare their response measures. On the 5th, the heads of the economy and finance sectors decided to meet after about a month to review the economic situation.

On the 5th, President Yoon, returning to the Yongsan Government Complex after four days, said, "There is no major cause for concern regarding our external financial soundness." He analyzed the current situation, stating, "Looking at yesterday's evening edition and today's morning edition, we are dealing with the largest trade deficit in history." He added, "In the second half of this year, prices of major export items such as semiconductors are expected to decline, while import prices will continue to rise." On the 31st of last month, he held an Emergency Economic Livelihood Meeting at Busan New Port in Changwon, Gyeongnam, where measures to strengthen export competitiveness were prepared.

In particular, he said, "We will accelerate orders in nuclear power, defense, and especially overseas construction to develop a mid- to long-term strategy to further increase export volume," and added, "I want to tell the people that they can trust the government and need not be anxious." He further explained, "The government's national debt now reaches 1,000 trillion won, and since controlling inflation is the top priority, we cannot avoid implementing fiscal austerity," emphasizing that fiscal tightening is being prioritized in the public sector.

Earlier, on the 29th, President Yoon also said on his way to work, "The national debt has increased significantly over the past few years, nearing 1,000 trillion won, and we are in a situation where we must wage a war against inflation, so the government has no choice but to tighten its budget, which the public understands." However, he stressed that the government would not spare the budget for the livelihood of the people and the country's future. Referring to his consecutive visits last week to Amsa General Market in Gangdong-gu, Seoul, and Seomun Market in Daegu, he shared his thoughts, saying, "Despite the difficult economic situation, I met those who are diligently engaged in their livelihoods and felt both gratitude and apology."

Expressing his determination to care for public sentiment, he said, "Since inflation is the biggest hardship for the people, at yesterday's high-level ruling party and government meeting, it was decided to do our best to maintain the prices of essential Chuseok holiday goods at least at last year's level." He also explained, "We have prepared to ensure that disaster relief funds due to recent floods will be reliably paid to victims and small business owners before Chuseok."

President Yoon's actions last week were in the same vein. On the 30th, he visited a family center in Guro-gu, Seoul, mentioning plans to expand childcare support for low-income single-parent families and adolescent parents, and to increase tailored support for multicultural families facing difficulties due to language or academic maladjustment. The following day, he attended the Emergency Economic Livelihood Meeting, stating, "The government will do its best to immediately resolve the difficulties faced by export companies," and announced various support measures.

Meanwhile, the heads of the economy and finance sectors will meet after about 40 days to review the recent economic situation and seek response directions. On the 5th, an Emergency Macroeconomic and Financial Meeting (hereafter Emergency Macro-Financial Meeting) will be held at the Seoul Bankers' Hall, attended by Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, Bank of Korea Governor Lee Chang-yong, Financial Services Commission Chairman Kim Ju-hyun, Presidential Office Economic Secretary Choi Sang-mok, and Financial Supervisory Service Governor Lee Bok-hyun. They are expected to review the recent economic situation and discuss future response directions at the meeting.

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