Lee Yong-woo: "President Yoon Should Not Hide Behind the Deputy Prime Minister for Economy and Must Respond to the Crisis"

"Not Even Presiding Over the Emergency Economic Ministers' Meeting, but a Fiscal Strategy Meeting"
"At a Time When the Government Should Expand Its Role Through Expansionary Fiscal Policy More Than Ever, It Plans to Reduce Its Role"

Lee Yong-woo, Emergency Response Committee member of the Democratic Party of Korea, is attending the Emergency Response Committee meeting held at the National Assembly on the 13th and delivering an opening remark. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Naju-seok] Lee Yong-woo, Emergency Response Committee member of the Democratic Party of Korea, condemned the Yoon Seok-yeol administration's response to the economic crisis on the 4th. Lee stated, "(President Yoon) should not hide behind the Deputy Prime Minister for Economy but take the lead in responding to the crisis."

At the Democratic Party's emergency response meeting held at the National Assembly that day, Lee said, "Sighs are escaping from our economy almost daily," and pointed out, "Although this was a foreseeable situation, it is astonishing that the economic crisis is worsening due to the government's inadequate response." He added, "The high household debt ratio means that interest rate hikes are directly impacting people's livelihoods, and high inflation and high oil prices are changing the appearance of dining tables and commuting patterns."

Lee enumerated the suffering of import companies due to the high exchange rate, the collapse of the KOSPI below 2200 points, and Korea risk caused by instability in inter-Korean relations, then criticized, "The problem is that the president is not grasping the situation at all."

He said, "In a situation where the entire nation is troubled by high interest rates, high inflation, high exchange rates, and high oil prices, the president is not even chairing the Emergency Economic Ministers' Meeting but is said to be chairing the Fiscal Strategy Meeting," and criticized, "At a time when the government should fulfill its role through expansionary fiscal policy more than ever, it is trying to reduce the government's role."

Lee pointed out, "They said the economy was the one thing they did well, but they are making a mess and deepening the wounds," adding, "There are concerns about real wage declines due to high inflation, and as consumption slows mainly in the U.S., the impact of the economic recession is approaching." He also noted, "The secondary battery industry is highly dependent on raw materials from China, and measures to manage the secondary battery supply chain are insufficient," and said, "At a time when economic security is more important than ever, this is not a moment for the president to boast about attending the NATO summit." Lee emphasized, "A cautious approach is necessary for national interests," and criticized, "Currently, no measures are visible, and the president himself is the problem."

Lee urged, "The president should stop inappropriate responses and come up with proper measures."