Hong Ik-pyo: "Yoon, the Biggest Risk Factor for 'Korea Discount'"

"Yoon, Market Backlash Even with Excessive Election Policies"
"It's Unfortunate That the President Has Become the Biggest Economic Risk"

Hong Ik-pyo, floor leader of the Democratic Party of Korea, strongly criticized by referring to the economic crisis situation, saying, "The biggest source of Korea discount anxiety is President Yoon Seok-yeol."

On the morning of the 18th at the policy coordination meeting held at the National Assembly, Floor Leader Hong said, "Since the beginning of the new year, our country's stock market has repeatedly plunged, recording the lowest fluctuation rate among the G20 (Group of Twenty major economies)," and added, "Even if the president floods the market with election-oriented policies such as banning short selling, the biggest reason for the counterproductive effects is that the biggest cause of the Korea discount lies with President Yoon and the government."

Hong Ik-pyo, the floor leader of the Democratic Party of Korea, is speaking at the policy coordination meeting held at the National Assembly on the 18th. Photo by Kim Hyun-min kimhyun81@

He directed criticism at President Yoon, calling him "the greatest risk to the Korean economy," and said, "He is making everything worse." In particular, he pointed out the main factors determining the Korea discount as ▲ geopolitical risks such as inter-Korean relations ▲ rule of law and corruption ▲ rigid labor-management relations ▲ opaque governance structures, stating, "The economy of a country where the government unjustly intervenes in the market is inevitably undervalued."

He continued, "The biggest problem is the behavior of President Yoon and this government, but unless they change their irresponsible words and actions, policies, and arrogant and dogmatic attitudes, it will be impossible to resolve the risks to the Korean economy." He also emphasized, "Foreign media have already analyzed that President Yoon is the cause of the Korea discount," and said, "It is unfortunate that the president has become the greatest economic risk at a very critical time for our economy."

Addressing the presidential office and the ruling party, he warned, "They should not fear a president who was a former prosecutor general and must correct the president's mistakes," adding, "If they neglect this and only listen to pleasant words, they will become accomplices in ruining the Korean economy."

Targeting President Yoon again, he said, "The more he speaks, the more confused the people become, the market freezes, and he becomes a laughingstock abroad," and added, "There is even an evaluation that his words are so inconsistent and irrational that the president himself probably does not know what he is saying." He then said, "What the president should do now is not to make scattered remarks about tax cuts or increase market anxiety through government intervention, shaking the foundation of the country," and requested once again, "Please make announcements that are reasonable and at an extremely ideal level."