[Yoon Seok-yeol Impeachment] Korea Federation of Small and Medium Business Urges "Bipartisan Effort to Revive Economy...Urgent Supplementary Budget Needed"

Calling for Reviving Livelihoods Beyond Party Interests

On the 4th, the Korea Federation of Micro Enterprise (KFME) expressed respect for the Constitutional Court's decision to accept the impeachment of President Yoon Seok-yeol, urging the political sphere to work across party lines to revive the economy. They also called for the preparation of a supplementary budget for small business owners and the livelihood of the people.

In a statement released that day, KFME said, "Since the political sphere has unanimously expressed acceptance of the Constitutional Court's decision, we hope that the political parties will take the lead in achieving national unity based on the fundamental principles of democracy."

Small Business Association logo. Small Business Association

They continued, "With tariff increases originating from the U.S., the world has entered an economic war, and South Korea's export-dependent economy is facing a crisis as precarious as a candle in the wind." They pointed out, "At the forefront of this crisis are South Korea's small business owners. Despite enduring the COVID-19 pandemic, small business owners are collapsing helplessly due to worsening domestic and international economic conditions such as soaring prices and severe domestic demand slumps."

Furthermore, they noted, "As of January this year, the number of self-employed individuals decreased by 200,000 in just two months compared to November last year," adding, "The heightened political fervor must now be redirected toward the economy to create an environment where all economic actors can focus on their livelihoods with peace of mind."

KFME urged the political sphere to engage in bipartisan cooperation to revive the economy and to prepare an additional supplementary budget.

They emphasized, "Emergency economic situations must be addressed across party lines, putting aside party interests," and reiterated, "The political sphere must urgently step up to prepare a supplementary budget for small business owners and the livelihood of the people, which would serve as timely relief to prevent the ongoing wave of small business closures."

They concluded, "Following the Constitutional Court's decision, we hope our society will move beyond conflict toward social integration and stabilization of livelihoods," and stated, "The Korea Federation of Micro Enterprise will also take the lead in uniting the strength of small business owners to overcome this crisis, which is the foundation of the livelihood economy and employment."