野 "Yoon Administration Focused Only on Tax Cuts for Ultra-Wealthy and Labor Market Deterioration"

"Will Economic Recovery Come from Tax Cuts for Large Corporations and the Wealthy, Long Working Hours, and Insecure Jobs?"

[Asia Economy Reporter Oh Ju-yeon] On the 14th, the Democratic Party of Korea criticized, "The government is focusing only on tax cuts for the ultra-rich and labor market reforms instead of solutions to overcome the crisis."

On the same day, Chief Spokesperson Ahn Ho-young said in a written briefing, "An unprecedented cold wave is hitting the South Korean economy. There are growing concerns that this is the worst cold wave since the IMF crisis."

Spokesperson Ahn stated, "The trade balance is expected to show a deficit for the first time in 14 years since the 2008 financial crisis, and the deficit is expected to reach its largest scale. The average economic growth forecast for our country by nine major foreign investment banks is 1.1%."

He also explained, "With export sluggishness weakening growth, the economic slowdown is expected to freeze next year's job market. A survey of 390 companies showed that 73% plan to reduce or freeze hiring next year."

He added, "While interest rates rise and house prices fall, causing housing instability such as 'reverse jeonse crisis' and 'empty jeonse,' urban gas and regional heating costs have increased by more than 30% compared to last year, and kerosene used for heating has surged by 40%." He questioned the government, "If you cut taxes for large corporations and the wealthy and ruin workers' lives with long working hours and unstable jobs, will our economy naturally recover?"

Spokesperson Ahn emphasized, "President Yoon Suk-yeol should not just shout freedom in the face of the economic crisis but clearly announce economic crisis measures as the highest authority in government. There must not be a situation where an incompetent president becomes the biggest risk to the Korean economy."