Jin Seongjun: "Economic Crisis... Urgent Need for Supplementary Budget and Special Trade Committee"

Jin Seongjun Calls for Urgent Policy Action
Warns of Possible Negative Growth for Korea
Urges People Power Party to Join National Policy Talks Without Delay

Jin Seongjun, Policy Committee Chairman of the Democratic Party of Korea, stated on the 11th, "We must urgently draw up a supplementary budget and establish a Special Committee on Trade Countermeasures at the National Assembly to respond to external economic challenges."

At a party countermeasures meeting held at the National Assembly that day, Jin said, "We cannot stand by in the face of the unprecedented crisis caused by the Yoon Suk-yeol administration's economic incompetence and the outbreak of civil unrest." He also pledged to do his utmost to realize the vision of "recovery and growth" presented by the party leader in his speech as the representative of the negotiation bloc.

Jin stated, "Our country's economic growth rate has fallen below the potential growth rate of 2.0%, and there are even concerns about negative growth." He added, "We must achieve greater growth to enable better distribution, and only through fair distribution can we achieve even greater growth."

Jin Seongjun, Policy Committee Chairman of the Democratic Party of Korea, is holding a policy issue press briefing at the National Assembly on February 6, 2025. Photo by Kim Hyunmin

He pointed out, "Due to the Yoon administration's tax cuts for the wealthy and the civil unrest, the tax revenue shortfall has reached a record-high 30.8 trillion won," emphasizing, "The already struggling domestic market has deteriorated even further as a result of the civil unrest."

He continued, "This year, our expected national tax revenue is 382.4 trillion won, which means it needs to increase by about 46 trillion won compared to last year. However, the economic growth forecast has plummeted to the mid-1% range, and with the domestic market sluggish and additional export headwinds such as the tariff war, securing tax revenue is truly a dilemma."

He also stressed the need for countermeasures against the Trump-initiated tariff war. Jin stated, "Trump has imposed a 25% tariff on all steel and aluminum and has even discussed reciprocal tariffs. While countries around the world are engaging in summit diplomacy to overcome this, our country is in a situation where the acting president cannot even arrange a phone call schedule," criticizing the current administration.

He went on to emphasize that the People Power Party must promptly come to the table for national policy consultations to discuss countermeasures such as the supplementary budget and the special trade committee. Jin added, "It is truly frustrating that even the national policy consultation body, where these issues should be discussed, is being delayed by the People Power Party. I urge the People Power Party to immediately and unconditionally participate in national policy consultations."