Ruling Party and Government Drive '5 Major Reforms'... "Yoon's Final Year, Per Capita GDP $40,000"

Deputy Prime Minister for Economy Choo Kyung-ho is delivering opening remarks at the '2023 Economic Policy Direction Party-Government Meeting' held at the National Assembly on the 19th. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Geum Bo-ryeong] The government and the People Power Party have decided to manage next year's economy with the goal of achieving a per capita Gross Domestic Product (GDP) of $40,000 by 2027, the final year of the Yoon Seok-yeol administration. To this end, the ruling party and government plan to focus on the 'five major reforms' in pensions, labor, education, finance, and services.

On the morning of the 19th, the ruling party and government discussed the direction of next year's economic policy at the '2023 Economic Policy Direction Party-Government Council' held at the National Assembly. At this meeting, both sides agreed that next year's economic conditions in South Korea are expected to be more challenging than anticipated, and that proactive measures are necessary to overcome the crisis.

Seong Il-jong, the Policy Committee Chairman of the People Power Party, said at a briefing immediately after the council, "Although we face difficult domestic and international conditions, we shared the view that the focus of next year's economic policy should be on overcoming the immediate crisis and envisioning a leap forward after the crisis, aiming for a per capita GDP of around $40,000 by 2027, the last year of the Yoon Seok-yeol administration." He added, "We will place the greatest emphasis on managing the economy from next year with a vision to open the era of $40,000 per capita income."

The People Power Party expects significant risks to the domestic economy next year and requested the government to manage the macroeconomy stably through proactive responses. They also urged efforts to achieve a current account surplus by focusing on export and investment recovery through bold incentives and regulatory innovation.

Chairman Seong stated, "We anticipate many difficulties in people’s livelihoods during the process of overcoming the economic crisis, and we requested the government to work to reduce the burden of prices and living expenses, and to actively expand jobs and safety nets." He continued, "We also asked for concentrated nurturing of new growth engines so that per capita national income exceeds $40,000, ensuring a secured future for the public."

To this end, the ruling party said fundamental structural improvements in South Korea’s economy are inevitable, and they will establish a framework to devote efforts to the so-called 'five major reforms' in pensions, labor, education, finance, and services. Chairman Seong explained, "We will actively support the 2023 economic policy results to materialize quickly through the budget and other means," adding, "Since this is the first economic plan operated under President Yoon Seok-yeol’s administration, we placed emphasis on carrying it out without setbacks to lay the cornerstone for the future of the $40,000 per capita income era through this economic policy management."

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