"Apologizing to the People"... Yoon Promises an 'Active Government' While Emphasizing Economic Recovery (Comprehensive)

'2024 New Year's Address'... "Must Break Factions Based on Interests and Ideology"
Expresses Hope for Economic Recovery "Prices Will Stabilize Further... Economic Warmth"
Mentions 3 Major Reforms "A Government That Takes Action"... Must Fight Corrupt Factions
Strong Message to North Korea... "Peace by Power, Not Submissive Peace"

President Yoon Suk-yeol stated in his New Year's address on January 1, 2024, the first day of the new year, that "the center of all state affairs is the people," and emphasized that "this government will not be one that only reviews issues but one that acts to solve problems." In particular, President Yoon warned that to achieve reforms for the people, "we will definitely dismantle the factional cartels based on their own vested interests and ideologies," stressing that "true reforms for the people are impossible without fighting corrupt factional cartels." Marking the third year of his administration, he pledged to accelerate the three major structural reforms in labor, education, and pensions, and promised to strengthen security capabilities based on diplomatic achievements so far to thoroughly respond to the North Korean nuclear threat and supply chain crises.

On the morning of the same day at the Yongsan Presidential Office, President Yoon delivered the '2024 New Year's Address' containing these points, saying, "We have done our best to care for people's livelihoods and revive the economy, but I have always felt it was insufficient and regrettable," and added, "We will ensure that all citizens enjoy fair opportunities."

It is also notable that he expressed expectations for domestic economic recovery through the New Year's address. Allocating the largest portion to livelihood and economic issues, President Yoon said, "prices will stabilize even more than now," and "we will do our best to ensure that the warmth of economic recovery fully reaches the vulnerable and socially disadvantaged."

President Yoon Suk-yeol is delivering a New Year's address on January 1, the first day of the Year of the Dragon 2024, at the Yongsan Presidential Office building in Seoul.
[Photo by Yonhap News]

Focus on dismantling 'cartels'... Pledges to do best from labor market flexibilization to education and pension reforms

President Yoon mentioned the dismantling of vested interest cartels and the misuse of government subsidies, which the government has consistently pursued since its inception, stating, "This year as well, we will continue efforts to expand citizens' freedom, improve welfare, and create a fair society."

This reflects his determination to focus on pushing forward the three major reforms based on this. Regarding labor reform, he said, "We will support growth and job creation through labor reform," emphasizing that "the starting point of labor reform is the rule of law in labor relations." Labor movements within the legal framework will be firmly guaranteed, but illegal acts will be strictly dealt with regardless of whether they involve labor or management.

He also mentioned labor market flexibilization. President Yoon explained, "A flexible labor market increases corporate investment and creates more jobs," adding, "As a result, workers can enjoy richer employment opportunities and better treatment." He continued, "We will change the wage system to focus on job content and performance rather than seniority and improve the dual structure of the labor market."

Regarding education reform, he said, "It is about nurturing talents who will lead our future and enhancing the competitiveness of future generations." President Yoon elaborated, "We will ensure that children can be safely entrusted from morning till evening at elementary schools, reducing the childcare and private education burdens on parents, and children will enjoy fun and diverse educational programs."

On pension reform pursued by the Yoon administration, he evaluated, "No government has touched or has neglected this issue until now," adding, "We collected and organized vast data through thorough scientific actuarial analysis, public opinion surveys, and in-depth interviews, and submitted it to the National Assembly at the end of last October," and "The government will actively participate in the National Assembly's public discussion process to derive a national consensus."

He repeatedly pointed out the low birthrate issue. President Yoon said, "Since time is running out, a different level of approach is needed regarding the causes and countermeasures of Korea's low birthrate," and "We must coldly identify the causes of the low birthrate and find effective measures."

Forecasting global trade recovery, "Export improvement will lead economic recovery and growth"

Regarding South Korea's economic outlook for 2024, he expressed confidence, saying, "It will be a significant turning point for Korea's leap forward." President Yoon emphasized plans to promote economic growth and price stability through export improvement, manage household debt risks, expand housing supply through reconstruction and redevelopment, and dismantle killer regulations.

Specifically, he said, "As global trade recovers, the overall vitality of our economy will improve, and export improvement will lead economic recovery and growth." He added, "Prices will stabilize even more than now," and "We will do our best to ensure that the warmth of economic recovery fully reaches the vulnerable and socially disadvantaged."

Regarding policy support, he explained, "The government and financial sector will join forces to reduce the financial burden on small business owners and self-employed individuals," and "Risks that could threaten our economy, such as real estate project financing (PF) and household debt, have been well managed over the past year and will continue to be thoroughly managed."

He also mentioned housing market management. President Yoon said, "In the new year, we will increase housing supply within cities so that citizens do not have to move to the outskirts to find new homes," adding, "We will review redevelopment and reconstruction project procedures from scratch to speed up projects and expand the supply of small-sized housing suitable for one- to two-person households."

Building peace through strength, not submissive peace... "Completely blocking North Korea's nuclear and missile threats"

He also highlighted the achievements of value diplomacy accumulated in the first and second years of his administration. President Yoon said, "By the first half of this year, we will complete the enhanced extended deterrence system with the United States to completely block North Korea's nuclear and missile threats," adding, "Strong security will support free economic activities and worry-free daily life."

Above all, he emphasized the resumption of shuttle diplomacy through normalization of South Korea-Japan relations. He continued, "Building on this, we have established a trilateral cooperation system among South Korea, the United States, and Japan at Camp David, leading peace and prosperity in the Indo-Pacific region. Following the Washington Declaration between South Korea and the United States, we established the Nuclear Consultative Group (NCG) and newly built a nuclear-based South Korea-U.S. military alliance," evaluating these achievements.

He said, "South Korea is firmly building true and lasting peace through strength, not submissive peace relying on the goodwill of others." He also mentioned plans to transform the South Korean military into a science and technology-strong force based on artificial intelligence, unmanned and manned combined combat systems, and advanced scientific technology. President Yoon added, "We will accelerate the strong establishment of the Korean-style three-axis system to prepare for North Korea's nuclear and missile threats," reiterating, "South Korea is firmly building true and lasting peace through strength, not submissive peace relying on the goodwill of others."

Furthermore, he repeatedly emphasized economic security. President Yoon stated, "We will create a cyber environment where citizens can feel safe while thoroughly protecting key national institutions and private critical facilities from various cyber threats, including those from North Korea," and "We will firmly establish our response capabilities against supply chain disruptions of minerals, materials, and components directly related to core industries and people's livelihoods."