A side effect of income led policy?…President Moon “Make sure to check if everything on the course”
Park Mee Yeong | mypark@ | 2018-05-29 10:34:05

President Moon Jae-in, on May 28, stated, "Please check whether the government's economic policy trends such as job creation and income-driven growth are going well."

President Moon Jae-in, on May 28, stated, "Please check whether the government`s economic policy trends such as job creation and income-driven growth are going well."

President Moon pointed out, "There is a big gap between macroeconomic indicators of the economy and the people`s feelings," he said at a meeting of senior presidential aides in Cheong Wa Dae. He stated, "We believe that the polarization of jobs and income goes in the positive direction. It is very important to get people`s empathy. It takes time for the economy to be implemented in the real world," he said. "It is not desirable to stick to short-term performance because economic policy requires a long breath."

President Moon`s remarks came as the controversy over the effects of the government`s major policies, including the minimum wage increase and shortening of working hours, was increasing. The president himself said he would check the effectiveness of major economic policies linked to his presidential pledge.

"In the first quarter, the economy grew 1.1 % from the previous quarter, household income rose 3.7 % year-on-year," stated President Moon. "Despite the economic situation has improved, there are statistics such as slowing job growth and lowering 20 % of household income. It is urgent to stabilize the lives of the elderly, unemployed and low-income families as a result of rapid aging."

The Korean government is expected to convene an emergency economic inspection meeting on May 29 and plan to check the policy by each ministry.

Meanwhile, President Moon also said, "We met like a normal meeting, omitting complicated procedures and forms," he said. "If there is an urgent need in addition to formal meetings like formal Pyongyang talks in autumn, If we can do it from time to time, we will be able to further promote the development of inter-Korean relations. " And that there will be additional non-regular and private summit talks. In the meantime, he pointed out, "I would like you to take the necessary precautions such as the preparation for preventing the vacancies of the presidential duties and military exercises in case of emergency, and the necessary emergency measures such as the military leadership and NCS standing committee members."

By Park Mee Yeong mypark@


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