"Shocking Event" in 1% Economic Growth Forecast
"Rise of Japan, Korean Economic Crisis... Politics and Diplomacy Are the Causes"
With the government and the Bank of Korea projecting this year's economic growth rate at 1.4%, former President Moon Jae-in stated on the 27th that "a growth rate in the 1% range is unprecedented except during exceptional crisis periods," attributing the cause to the political and diplomatic strategies of the Yoon Suk-yeol administration.
On the same day, former President Moon introduced the book Japan is Coming by Kim Hyun-chul, Dean of the Graduate School of International Studies at Seoul National University, on social media, describing it as "a book that historically compares the economies of Korea and Japan while analyzing the economic pros and cons of the Korea-US-Japan trilateral alliance."
Former President Moon said, "This year, our economy is expected to grow only in the 1% range, falling behind Japan's economic growth rate," adding, "It is a shocking event that our economic growth rate is trailing Japan's for the first time since the IMF crisis."
He continued, "During the previous administration, our per capita real national income surpassed Japan's, and nominal national income was about to overtake as well, but now the gap has reversed and widened," pointing out, "What is even more concerning is that our economy's potential growth rate has fallen to the 1% range for the first time in history, and this year's actual economic growth rate is expected to be even lower."
He added, "While the general economic growth rate of advanced countries is in the 2% range, our growth rate is falling below that and may become fixed in the 1% range," concluding, "In short, this year’s economic situation of Korea and Japan is 'Japan's rise, Korea's economic crisis.' This book reveals that our political and diplomatic strategies, which are holding back the economy, are the cause."
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