-Yoon "Renewal for the People, Planning Practical Changes... Not a Matter of Political Gain"
-New Government Economic Policy Led by Choo Kyung-ho... Implementing Legislative Tasks Key Amid Difficult Economic Conditions
[Asia Economy Reporters Baek Kyunghwan and Son Seonhee] President Yoon Suk-yeol has announced personnel reshuffling for the first time, one day before his 100th day in office. This move aims to rebound from the bottomed approval ratings and accelerate the implementation of national agenda and policies.
On the 16th, President Yoon, on his way to the Yongsan Presidential Office, responded to reporters' questions about the possibility of a "personnel reshuffle in the Presidential Office" by saying, "I plan to make practical changes for the people." However, he emphasized that "this is not a matter of political gain or loss," drawing a line on the possibility of a large-scale overhaul. Inside and outside the Presidential Office, the prevailing view is that the reshuffle will be carried out by reinforcing personnel, with the possibility of appointing former People Power Party lawmaker Kim Eun-hye being mentioned.
Marking 100 days since the new government took office, President Yoon intends to focus on policy implementation through substantial changes, but the economic situation remains challenging. The new administration, led by Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, has sought a major shift to "private sector-led growth (Minjuseong)," but progress has been slow in the "minority government" National Assembly. Policies proposed by the government to revitalize the private economy, such as corporate tax cuts and the sale of idle state-owned properties, have faced opposition from the opposition parties, hindering progress. Amid ongoing controversy over "tax cuts for the wealthy," the extent to which legislative tasks will be accomplished in the first regular National Assembly session after the inauguration next month is expected to be crucial for the momentum of the new government's Minjuseong policy.
Rising inflation, which has sharply increased since the Yoon administration began, is also a disappointing aspect. Deputy Prime Minister Choo established and activated an Emergency Economic Response Task Force (TF) on his first day in office, setting "price stabilization" as the top policy goal. During the 100 days, there have been nine announcements related to the new government's economic policy direction and measures to stabilize people's livelihoods.
However, due to unexpected external factors such as the Russia-Ukraine conflict and rising international oil prices, combined with concerns over global economic slowdown caused by major countries' tightening policies after the COVID-19 pandemic, inflation has surged to the highest level in 24 years. While the economic team has been focusing almost exclusively on price stabilization over the past 100 days, key economic pledges from the presidential election, such as pension and labor market reforms, have received relatively less attention and appear to have been pushed to a lower priority.
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