Yoon Orders 'Measures to Revitalize Domestic Demand'... Reviewing Amendment to Kim Young-ran Act

Chief Secretary Meeting Highlights High Inflation and Interest Rates
Presidential Office "Discussing Major Measures to Boost Domestic Demand"

President Yoon Suk-yeol on the 27th instructed, "The Ministry of Economy and Finance, along with related economic ministries, should collaborate to prepare and report a comprehensive plan to revitalize domestic demand." Currently, the Presidential Office is reviewing amendments to the Enforcement Decree of the Act on the Prohibition of Improper Solicitation and Graft (commonly known as the Kim Young-ran Act) to stimulate domestic consumption.

On the same morning, President Yoon presided over a senior secretaries meeting at the Yongsan Presidential Office, stating, "Ordinary citizens are struggling greatly due to high inflation, high interest rates, and the side effects of oligopolistic structures," and gave these instructions to the economic ministries.

The day before, the Presidential Office revealed that it is considering raising the food expense limit under the Kim Young-ran Act from 30,000 won to 50,000 won and is broadly discussing whether there are measures to stimulate domestic demand.

Currently, under the Enforcement Decree of the Kim Young-ran Act, the limits are 30,000 won for food, 50,000 won for congratulatory and condolence money, 100,000 won for wreaths and floral arrangements, and 50,000 won for gifts. An exception is made for agricultural and fishery product gifts, which have a limit of 100,000 won. A Presidential Office official explained, "We are not only focusing on this issue but are conducting various discussions from the perspective of revitalizing domestic demand," adding, "We are considering whether to address the issue of domestic demand stimulation at the next Emergency Economic and Livelihood Meeting."

The review of the amendment to the Enforcement Decree of the Kim Young-ran Act was reportedly proposed by Minister Lee Young of the Ministry of SMEs and Startups. Minister Lee mentioned on Facebook, "As the minister in charge of protecting and fostering small business owners, I proposed at the Emergency Economic and Livelihood Meeting on the 15th to consider raising the food expense limit under the Kim Young-ran Act to 50,000 won." He also conveyed the field's issues, stating, "After traveling nationwide, I found that due to rising raw material prices and inflation, the Kim Young-ran Act's food expense limit has not kept pace, resulting in a vicious cycle where customers stop coming when menus under 30,000 won are developed with reduced food quality, and when food quality is maintained, profits are almost nonexistent."

Meanwhile, President Yoon urged regarding the Yeongjong-Incheon Bridge toll, "Even if it was a promise made by the previous government, it is a national promise, so the central government, local governments, the Korea Expressway Corporation, and private companies should promptly seek a solution that benefits the citizens of the Seoul metropolitan area."

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