"The Focus of State Affairs Is Now the Economy"… Yoon's Steps to Address Livelihood Issues

Complete Economic Schedule Covering Regulation, Budget, Startups, and Livelihood
Yoon Chairs Emergency Economic Livelihood Meeting... Discusses Chuseok Prices and More

President Yoon Suk-yeol is recently focusing on economic activities. He judges that the diplomatic goal of the Yoon administration, comprehensive cooperation among South Korea, the United States, and Japan, has been set on track following the trilateral summit, and his strategy is to quickly restore stability amid a complex economic crisis. As the Japanese government began discharging contaminated water from Fukushima, prompting a full-scale offensive from the opposition party, and as controversies over relocating the bust of independence activist General Hong Beom-do intensified, President Yoon is shifting the situation to a livelihood-focused approach that distances itself from such political strife.

According to the presidential office on the 31st, since returning from the United States on the 20th, President Yoon has officially chaired four economic-related meetings to seek ways to revitalize the economy. Through last month's visits to NATO, Poland, and Ukraine, he achieved diplomatic and security outcomes such as the vision of becoming a global pivotal state, export and order acquisition, and during his visit to Camp David in the U.S. last month, he established a South Korea-U.S. and South Korea-U.S.-Japan cooperative system for North Korean nuclear response and supply chain cooperation. Based on these achievements, he plans to bring about tangible changes in the livelihood and economic sectors that the public can feel. After the South Korea-U.S.-Japan summit, President Yoon told his aides, "From now on, the center of state affairs is the economy."

[Image source=Yonhap News]

In particular, holding the Emergency Economic Livelihood Meeting on this day, about a month before Chuseok, reflects President Yoon’s intention to directly oversee agricultural and marine product prices, reduce costs, and increase benefits in areas directly related to livelihoods such as tailored support for vulnerable groups and revitalizing domestic demand. In his opening remarks at the Emergency Economic Livelihood Meeting held at the Yongsan Presidential Office, President Yoon said, "Although the recent inflation rate has slowed and the trade balance has improved, we cannot let our guard down due to the expansion of uncertainties in major export markets and international financial markets," adding, "The government's policy for the second half of the year prioritizes livelihood stabilization. We must firmly establish a price stabilization trend, alleviate difficulties for low-income and vulnerable groups, and work hard to revitalize the domestic economy." He urged ministers to visit livelihood sites directly. Following the South Korea-U.S.-Japan summit, and again on this day, President Yoon said, "The top priority of policy is livelihood. Each ministry should work with extraordinary determination so that the public can feel the stabilization of livelihoods," and instructed, "Please make further efforts to ensure that necessary support is provided immediately."

In fact, President Yoon has recently been directly managing economic matters such as budget deliberations, regulatory reforms, and startup support measures. At the Regulatory Innovation Strategy Meeting on the 24th, he urged, "In this silent economic war, please accelerate regulatory reforms so that our companies, which are in urgent need, can run," calling for a business-friendly environment. Then, at the Cabinet meeting on the 29th, he approved the '2024 Budget' of 656.9 trillion won, a 2.8% increase compared to this year, stating, "We have boldly cut political subsidy budgets and rent-seeking cartel budgets, carrying out a total expenditure restructuring of 23 trillion won," and revealed the government’s policy to "concentrate secured resources on three core areas: realizing true welfare for the vulnerable, strengthening the essential functions of the state such as national defense and rule of law, and securing growth engines for creating quality jobs." He also promised the day before to foster a private-led startup ecosystem to overcome the complex crisis for startup entrepreneurs.

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