'Upcoming Assembly lacks economic experts'

The 21st National Assembly will open on May 30 following the outgoing Assembly, seen in this photo. Analysts have assessed the new National Assembly will have fewer-than-expected economic experts. Yonhap

By Yi Whan-woo

The new National Assembly will have fewer-than-expected lawmakers with economic expertise, say analysts, fueling concerns the parliament may fall short of helping the country overcome the economic fallout of the COVID-19 crisis.

With consumer spending and industrial output hit by the pandemic, the country's economy shrank 1.4 percent in the first quarter from the last three months of 2019.

The 21st National Assembly will need to consider the economic circumstances of the country but only 10 out of the 300 lawmakers-elect have been categorized as “economic experts” by analysts.

The 10 were formerly economic policymakers, entrepreneurs, financial executives or senior members of business lobby groups.

From the ruling Democratic Party of Korea (DPK) are former Mirae Asset Daewoo chief executive Hong Sung-guk and former co-chief executive Lee Yong-woo of the country's largest online bank Kakao Bank.

From the main opposition United Future Party (UFP) are former Statistics Korea Commissioner Yoo Gyeong-joon and former Korea Development Institute (KDI) professor Yun Hee-suk.

Oh Jung-geun, chairman of the Korea ICT Financial Convergence Association, said the rival parties had sought to increase the number of legislators with economic expertise for the new Assembly, which will open on May 30.

But he said many of those candidates lost in the April 15 general election because they were political rookies or had to run in highly contested constituencies under the camp strategy.

“Many rookies were assigned to compete in the districts that are the home turf of their rival party,” Oh said. “To make things worse, they did not even have the skills to woo voters and failed to win their parliamentary seats.”

He referred to the case of former Second Vice Foreign Minister Kim Yong-jin.

Kim made his parliamentary bid as a ruling DPK candidate in Incheon, Gyenoggi Province. But he lost to the UFP's Song Seong-jun, who won his second straight parliamentary term with 51.9 percent of the votes to Kim's 45.6 percent.

Professor Shin said he is especially worried about the lack of economic experts from the main opposition.

He referred to the ruling party winning 180 parliamentary seats, which accounts for 60 percent of the lawmakers.

“Considering the DPK is on the government's side, the UFP will struggle to hold back the government in case its economic drive goes in the wrong direction,” Shin said. “And such tasks will be even tougher because there are not many economic experts who can fully understand the economic policies and discern why they are right or wrong.”