Yoo Seung-min "Government, Prepare Emergency Measures... Urges Close Cooperation with Opposition"

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] Yoo Seung-min, a former lawmaker considered one of the People Power Party's presidential candidates, urged the government to prepare an "emergency plan" to cope with the upcoming economic crisis and to cooperate with the opposition party.

On the same day, Yoo said through his social network service (SNS), "I urge the president and the government to immediately eliminate unnecessary budgets in next year's budget and to work closely with the opposition party, which holds the majority, to significantly increase budgets that support people's livelihoods."

He expressed concern, saying, "The Bank of Korea's Monetary Policy Committee has taken a big step by raising the base interest rate by 0.5 percentage points. This was an inevitable choice to calm soaring inflation and exchange rates," adding, "The problem is the economic crisis that lies ahead."

He continued, "The government must prepare a contingency plan for household debt and marginal companies, which could become triggers for the economic crisis, to prevent this time bomb from engulfing our economy," and emphasized, "It is most important for the government to manage national finances so that it can provide practical assistance to low-income groups, multiple debtors, the unemployed, self-employed, and small business owners who are struggling with basic living due to high interest rates and high prices."

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