Three-Day Consecutive Public Economy Efforts from 13th to 15th
Emphasis on Public, Energy, Finance, and Telecommunications Sectors
Yoon's Approval Rating Slightly Declines in Some Polls
Presidential Office: "Yoon Shows Direct Commitment to Livelihood Prices"
[Asia Economy Reporter Ki-min Lee] President Yoon Seok-yeol, who focused on export economy management after last month's overseas trips, has recently concentrated on livelihood-related activities. As complaints from the common people and vulnerable groups arose due to winter heating cost increases and the continuation of high interest rate policies, it is interpreted that he has taken direct charge of the situation. Some interpret this as emphasizing 'livelihood' again as a card to recover the president's approval rating for state affairs management, which fell due to various controversies arising from the ruling party People Power Party's party convention.
According to the Presidential Office on the 16th, President Yoon held the Chief Secretary meeting, visited traditional markets, and conducted the Emergency Economic Livelihood Meeting this week, urging the preparation of livelihood stabilization measures day after day.
Since the global '3 highs (high interest rates, high prices, high exchange rates)' phenomenon has continued to worsen the economy since last year and into this year, public opinion has deteriorated, leading to efforts to calm public sentiment.
At the Chief Secretary meeting on the 13th, President Yoon instructed, "The Financial Services Commission should prepare related measures to prevent a sense of discord among the people due to the 'bankers' money feast'." This is interpreted as a direct demand for improvement amid growing public criticism of commercial banks' profits from interest rate margins in a high interest rate environment and the resulting bonus feasts. In particular, banks maintain oligopoly status through government permits, and the Presidential Office perceives that banks have easily profited from interest rate spreads while the national economy is struggling.
On the 14th, he visited Yukgeori General Market in Cheongju, Chungbuk, met with merchants, listened to difficulties and grievances caused by rising energy and raw material prices, and encouraged them by saying, "Above all, I always believe that the region must prosper and the warmth of traditional markets must return for the national economy to thrive."
On the following day, the 15th, he presided over the first Emergency Economic Livelihood Meeting of the year and ordered the preparation of price reduction measures in four major sectors: public, energy, finance, and telecommunications. President Yoon promised to freeze public charges such as highways and railroads and to moderately increase energy charges like gas and electricity, while emphasizing shared pain for private sectors such as finance and telecommunications companies, which also have public utility characteristics. He also instructed relevant ministers to find ways to promote competition in the banking and telecommunications sectors.
Regarding this meeting, held about two months after the previous Emergency Economic Livelihood Meeting and the 1st National Economic Advisory Meeting, the Presidential Office unusually allowed a live broadcast of the president's opening remarks.
Some interpret that the reason for bringing out the livelihood card is also related to the fact that President Yoon's approval rating for state affairs management, which rose to the high 30% range last month due to the outcomes of his visits to the United Arab Emirates (UAE) and Switzerland, has fallen back to the low to mid-30% range according to some polls. There was no message from the Presidential Office regarding the People Power Party's party convention this week, where President Yoon is showing livelihood-related activities.
However, a Presidential Office official said, "It is to inform that the president plans to directly discuss the points of concern for the people while showing his determination to reduce prices directly."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
