Yoo Kyung-jun: "From an Entrepreneur's Perspective, There Is No Solution for the Korean Economy"

Interview with Yookyungjun, Future United Party Elected Member and Economic Expert
Building Social Safety Nets for the Underprivileged... "Employment Insurance and Health Insurance Must Be Reorganized"

[Asia Economy Reporter Jang Sehee] Yoo Kyung-jun, who was elected in Seoul Gangnam-byeong in the April 15 general election, said, "If entrepreneurs are seen as enemies or greedy people, there is no answer for the Korean economy."

In an interview with Asia Economy on the 30th, Yoo said, "If corporate investment is not activated, employment cannot increase."

Yoo has served as a research fellow at the Korea Labor Institute, a research fellow at the Korea Development Institute (KDI), a public interest member of the Minimum Wage Commission, and the Commissioner of Statistics Korea.

He stated that to overcome the economic crisis caused by the novel coronavirus disease (COVID-19), deregulation to promote corporate investment and labor market flexibility measures must be prioritized.

He emphasized, "Excessive regulations on companies, such as minimum wage increases and shortened working hours, must be removed." The government should create an environment conducive to production for companies, thereby establishing a virtuous cycle ecosystem where private sector jobs increase.

In fact, a survey conducted on the top 1,000 companies by sales by the Federation of Korean Industries on the 19th showed that among 160 responding companies, 109 (68.1%) cited economic revitalization measures as the top priority for the 21st National Assembly.

He also argued that the government has not implemented innovative policies, resulting in no progress through technology.

He said, "The potential growth rate has declined over the three years since this administration took office," adding, "Since there was no policy innovation, there was no Fourth Industrial Revolution."

Yoo also insisted on the need for a solid social safety net for marginalized groups. He said, "Employment insurance and health insurance need to be reorganized," adding, "Employment insurance is mainly for regular wage workers," and "It should be expanded to include self-employed, special employment workers, and those working less than 15 hours."

He continued, "Government support in the form of income compensation, such as emergency disaster relief funds, is necessary but cannot be permanent."