Lee In-young "Tomorrow's COVID-19 Economic Measures Announcement... Bold Actions Unconstrained by Existing Economic Management Framework"

[Asia Economy Reporter Jeon Jin-young] The Democratic Party of Korea and the government will announce a pan-government economic measure on the 28th to respond to the economic downturn caused by the novel coronavirus infection (COVID-19). Lee In-young, floor leader of the Democratic Party of Korea, said, “The Democratic Party is acutely aware of the damage caused by this situation and is working closely with the government to prepare countermeasures.”

[Image source=Yonhap News]

On the morning of the 27th, Lee held a policy coordination meeting at the National Assembly and stated, “Consumption is rapidly shrinking due to the impact of COVID-19,” adding, “The consumer sentiment index in February fell by 7.3 points compared to the previous month, and it will not be easy for companies’ export recovery in the near future.”

Regarding the upcoming pan-government economic measures, he said, “The success or failure of this economic measure depends on three factors: boldness, tangibility, and speed,” emphasizing, “I urge that bold actions be taken from the perspective of the people without being bound by the existing economic management framework.”

He added, “Bold measures that provide practical help to those in difficulty are necessary,” and requested, “Please take strong measures to resolve consumer sentiment as if alleviating a drought.”

He continued, “Speed is also very important. We must not ignore the agonizing days of many small business owners and self-employed people,” and urged, “Please establish measures at a very fast pace with the attitude of solving the immediate difficulties of the current reality.”

He further stated, “Policy priorities must be set to present measures that the public can directly feel,” adding, “Urgent measures are needed to drastically reduce rent or interest burdens faced by the self-employed, travel, and performance industries.”

Regarding the supplementary budget (supplementary budget), he said, “We will strive to have it passed as soon as possible.” He emphasized, “Once the supplementary budget reaches the National Assembly, we will immediately begin review, and I promise the people that the 20th National Assembly will fulfill its role and responsibility until the day COVID-19 is eradicated.”

Park Chan-dae, spokesperson for the Democratic Party floor, also met with reporters after the meeting and said, “We are making efforts to pass it by March 17, the last day of the February extraordinary session. We will do our utmost to prepare the supplementary budget.”