President Moon's shift of focus should help restore corporate vigor
President Moon Jae-in presided over an emergency meeting with his economic ministers Thursday to discuss pending issues and measures to solve them. It was the first time Moon called in only his economic team to Cheong Wa Dae, reflecting the President's appreciation of the grave economic situation.
The economy has been rapidly cooling. Hit by the prolonged U.S.-China trade war and other adverse factors, global economic uncertainty is also spreading. Korea's exports have been sliding for 10 months without showing any signs of recovery. The growth rate is falling, causing concern that it could fall to the 1-percent range. Amid the prolonged slump of investment and consumption, consumer prices contracted for two consecutive months, sparking fears about Japanese-style deflation.
It is against this backdrop that President Moon has set about to take care of the economy. The presidential shift of focus from politics to the economy is overdue but welcome, and we hope it will serve as an occasion to restore its vigor. At the meeting, Moon proposed support for export companies, improving the environment for business investment, carrying out expansionary fiscal policies, expanding the social safety net and enhancing job security. The President's plea is both stringent and urgent. Related ministries should do their best to implement these programs without a hitch and produce results.
In reviving the moribund economy, the National Assembly should play a role as important as the executive branch. Less than eight months are left before the closure of the 20th parliament. Still, many bills related to the people's livelihood have been gathering dust on the Assembly shelves, including those on improving the corporate governance structure, ratifying core conventions of the International Labor Organization and revising the flexible working system.
The difficulties facing the Korean economy are not transient ones. Few could say for sure the nation will be able to get over them even if all the parties involved unite as one. Nevertheless, the opposition is taking the economy- and innovation-related bills hostage for political gain. The political parties have no reason to exist if they don't care about the public's wellbeing.
President Moon Jae-in presided over an emergency meeting with his economic ministers Thursday to discuss pending issues and measures to solve them. It was the first time Moon called in only his economic team to Cheong Wa Dae, reflecting the President's appreciation of the grave economic situation.
The economy has been rapidly cooling. Hit by the prolonged U.S.-China trade war and other adverse factors, global economic uncertainty is also spreading. Korea's exports have been sliding for 10 months without showing any signs of recovery. The growth rate is falling, causing concern that it could fall to the 1-percent range. Amid the prolonged slump of investment and consumption, consumer prices contracted for two consecutive months, sparking fears about Japanese-style deflation.
It is against this backdrop that President Moon has set about to take care of the economy. The presidential shift of focus from politics to the economy is overdue but welcome, and we hope it will serve as an occasion to restore its vigor. At the meeting, Moon proposed support for export companies, improving the environment for business investment, carrying out expansionary fiscal policies, expanding the social safety net and enhancing job security. The President's plea is both stringent and urgent. Related ministries should do their best to implement these programs without a hitch and produce results.
In reviving the moribund economy, the National Assembly should play a role as important as the executive branch. Less than eight months are left before the closure of the 20th parliament. Still, many bills related to the people's livelihood have been gathering dust on the Assembly shelves, including those on improving the corporate governance structure, ratifying core conventions of the International Labor Organization and revising the flexible working system.
The difficulties facing the Korean economy are not transient ones. Few could say for sure the nation will be able to get over them even if all the parties involved unite as one. Nevertheless, the opposition is taking the economy- and innovation-related bills hostage for political gain. The political parties have no reason to exist if they don't care about the public's wellbeing.
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