"The Focus of State Affairs Is Now the Economy"… Yoon Concentrates on Livelihood Issues (Comprehensive)

Temporary Holiday Designated on October 2 Securing 6 Days of Chuseok Holiday
Expansion of Agricultural, Livestock, and Fishery Product Supply and Support for Vulnerable Groups
Accommodation Support and Increased Flights to Revitalize Domestic Tourism
Comprehensive Economic Schedule Covering Regulations, Budget, Startups, and Livelihood Issues

President Yoon Suk-yeol announced on the 31st that October 2, the holiday between the Chuseok holiday and National Foundation Day, will be designated as a temporary public holiday, and that a comprehensive government-level plan to revitalize domestic demand, including expanding the supply of essential goods, will be implemented. With Chuseok just a month away and uncertainties in prices increasing due to fluctuations in international oil prices and weather conditions, the government plans to take the lead in managing prices and the domestic economy.

In particular, the Yoon administration views the comprehensive cooperation among South Korea, the United States, and Japan, following the trilateral summit, as having gained momentum, and is focusing on recent economic measures 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 opposition parties, and as controversies over the relocation of statues of independence activist General Hong Beom-do intensified, this is interpreted as a strategy to shift the political conflict toward a focus on people’s livelihoods by distancing from partisan disputes.

Yoon Designates October 2 as Temporary Holiday... Emphasizes Chuseok Prices and Livelihoods

[Image source=Yonhap News]

On the morning of the same day, President Yoon presided over the 19th Emergency Economic and Livelihood Meeting at the Yongsan Presidential Office, stating, "Although the recent inflation rate has slowed and the trade balance has improved, the expansion of uncertainties in export markets and international financial markets means we cannot let our guard down." This meeting was held in line with President Yoon’s policy direction to "focus the second half of the year’s state affairs on the economy," aiming to stabilize prices of Chuseok shopping baskets, strengthen tailored support for vulnerable groups, and improve living conditions for ordinary citizens through revitalizing domestic demand. Considering that this livelihood inspection was conducted as an 'Emergency Economic and Livelihood Meeting,' it is interpreted as a determination to directly review and support livelihood issues across ministries.

President Yoon emphasized, "The top priority of policy is people’s livelihoods," and urged, "All ministries should visit and inspect every corner of the livelihood sites so that citizens can feel the stabilization of their livelihoods, and make greater efforts to ensure that necessary support is provided promptly." Right after the South Korea-U.S.-Japan trilateral summit, President Yoon also conveyed a message to his presidential office staff, saying, "From now on, the center of state affairs is the economy," asking them to focus on managing economic policies.

The plan to designate October 2, the holiday between the Chuseok holiday and National Foundation Day, as a temporary public holiday has been virtually confirmed. President Yoon stated, "We need to activate domestic tourism to stimulate domestic demand," and added, "I will designate October 2 as a temporary public holiday." He further explained, "Along with distributing 600,000 accommodation discount coupons, highway tolls will be waived during the holiday period," and "We will promote increasing flights and simplifying entry procedures so that the increase in foreign tourists can lead to revitalization of the domestic economy." The agenda to designate the temporary public holiday is scheduled to be reviewed and approved at the Cabinet meeting presided over by the Prime Minister next week.

At the government level, measures include ▲expanding the supply of essential goods and major agricultural, livestock, and fishery products ▲injecting 67 billion won in discount support ▲expanding relocation support for low-income and vulnerable groups ▲providing interest support on overdue loans for business owners and workers ▲supplying 43 trillion won in loans and guarantees to small business owners and SMEs. A government official said, "Based on stabilizing prices of essential goods, we plan to reduce the burden on people’s livelihoods and stimulate domestic demand through various supports to ensure that citizens do not face difficulties."

Yoon Holds Four Official Economic Meetings Since South Korea-U.S.-Japan Summit... "Economy and Livelihoods at the Center of State Affairs"

[Image source=Yonhap News]

Since returning from the United States on the 20th, President Yoon has officially presided over four economic-related meetings, including the Emergency Economic and Livelihood Meeting on this day, seeking ways to revitalize the economy. Through last month’s visits to NATO, Poland, and Ukraine, he achieved diplomatic and security outcomes such as establishing a vision as a global pivotal state, boosting exports and orders, and during his visit to Camp David in the U.S., establishing a South Korea-U.S. and South Korea-U.S.-Japan cooperative system for North Korean nuclear response and supply chain cooperation. Accordingly, he plans to bring about tangible changes that citizens can feel in the fields of livelihoods and the economy. After the South Korea-U.S.-Japan trilateral summit, President Yoon told his staff, "From now on, the center of state affairs is the economy."

In his opening remarks at the Emergency Economic and Livelihood Meeting held at the Yongsan Presidential Office, President Yoon said, "The government’s second half policy also prioritizes stabilizing livelihoods. We must firmly establish a price stabilization trend, alleviate difficulties for ordinary citizens and vulnerable groups, and work hard to revitalize the domestic economy," urging ministers to visit livelihood sites directly. Following the trilateral summit, he reiterated, "The top priority of policy is livelihoods. Each ministry should work with extraordinary determination so that citizens can feel the stabilization of their livelihoods," and instructed, "Please make greater 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 speed up 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 from this year, stating, "We have boldly cut 23 trillion won in expenditure by reducing political subsidy budgets and vested interest cartel budgets," and added, "The secured resources will be intensively supported in three core areas: realizing true welfare for the vulnerable, strengthening the essential functions of the state such as 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.