Emphasizing "Beyond V-Shaped Recovery to Address Economic Inequality" on SNS
"Strong Support for the Revival of Self-Employed, Small Business Owners, Low-Wage Workers, and Special Employment Types"
[Sejong=Asia Economy Reporter Moon Chaeseok] Prime Minister Chung Sye-kyun stated on the 15th, "We will prepare from now on to create an equal 'K-Recovery' model, not an unequal 'K-shaped recovery'."
Through his social networking service (SNS), Prime Minister Chung said, "Even if economic indicators improve, the rich will get richer and the poor will get poorer."
This is a declaration to prepare economic recovery measures to overcome inequality after COVID-19. He named this 'K-Recovery.'
Prime Minister Chung announced, "With the upcoming vaccination, our country is equipped with the three pillars of K-Quarantine, treatments, and vaccines, so it is expected that daily life can be restored within this year."
According to the International Monetary Fund (IMF), the global economic growth rate is projected to be 5.5% this year and 4.2% next year. Regarding this, Prime Minister Chung described it as "predicting a 'V-shaped recovery.'"
However, he foresaw that polarization would worsen.
Prime Minister Chung introduced, "According to Oxfam, an international relief and development organization, billionaires will recover economic losses caused by COVID-19 within nine months, but the poor population will continue to struggle even after ten years."
He added, "This phenomenon of the rich getting richer and the poor getting poorer is called a 'K-shaped recovery.' Economic inequality, which was deepening worldwide, is likely to worsen further due to COVID-19."
Prime Minister Chung diagnosed, "A significant portion of economic gains originates from social cooperation, and economic losses also stem from personal sacrifices for the community."
He mentioned, "Those who have enjoyed economic benefits have an obligation to contribute to the community, and those who have suffered economic losses have the right to receive appropriate compensation."
He also stated, "We must provide substantial support so that small business owners, small merchants, low-wage workers, and special employment workers who sacrificed for the Korean community can recover."
Prime Minister Chung emphasized, "Active investment in job creation, education, and vocational training is necessary so that young people entering the job market during the COVID era do not become discouraged."
He said, "Vaccinations will begin on the 26th, and just as K-Quarantine achieved success, we will do our best to make K-Vaccination a model case."
Prime Minister Chung also argued, "The COVID-19 response measures being discussed between the ruling party and the government, such as disaster relief funds, loss compensation, and solidarity funds, should serve as a stepping stone for 'K-Recovery.'"
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