Na Kyungwon, Who Called 'KOSPI 5000' a Mirage, Now Says "We Must Check if It's an Illusion"

"Now Is the Time for Scrutiny, Not Celebration"
Criticizing Both Government-Led Index Boosting and Anti-Business Regulations

As the 'KOSPI 5000,' a key economic pledge of President Lee Jaemyung, is becoming a reality, Na Kyungwon, a member of the People Power Party, voiced caution, stating that it is still too early to overly evaluate the achievement.

As the 'KOSPI 5000,' a key economic pledge of President Lee Jae-myung, has become a reality, Na Kyung-won, a member of the People Power Party, expressed caution, stating that it is still too early to overly praise the achievement.

On January 23, through a Facebook post, Assemblywoman Na mentioned the breakthrough of the KOSPI 5000 mark but stated, "It is too early to set off celebratory fireworks." She acknowledged that domestic companies have driven the rise in the stock index despite challenging internal and external conditions, but emphasized that one should be careful about immediately equating this with a full economic recovery.

Assemblywoman Na pointed to economic indicators behind the index's rise as problematic. She noted that the value of the Korean won is nearing 1,500 won per US dollar and that the inflation rate is approaching 5%. She also highlighted that the economic growth rate in the fourth quarter of last year was -0.3% and that per capita GDP has declined. She stated, "We should not ignore concerns that KOSPI 5000 may be an illusory moment for the public, with no real sense of improvement."

She continued, "The index is at 5,000, but why are people's bank accounts not growing? Has the real economy improved to the same extent? Why is the dream of homeownership drifting further away, and why are job opportunities decreasing?" She pointed out the gap between the rising stock index and the public’s actual economic experience.

Her criticism of the government's economic policy direction also continued. Assemblywoman Na argued, "The government repeatedly resorts to expansionary fiscal policy by taking on debt, distributing various coupons and cash, and mobilizing pension funds and tax policy to push up the index." She added, "With monetary easing to the limit, the value of the won is plummeting, and the high exchange rate is inflating export company earnings, creating a flashy index but also raising serious concerns about an asset bubble."

She also addressed the current administration's regulatory policies, saying, "The Yellow Envelope Act, the Serious Accident Punishment Act, the presumption of employee status, the rigid 52-hour workweek, the mandatory treasury share cancellation law, and all sorts of anti-market, anti-business regulations are being strengthened day by day." She criticized, "While tying the hands and feet of companies, packaging the KOSPI 5000 achievement as self-congratulatory success is logically inconsistent."

She stated, "After undermining corporate profitability with high exchange rates, high inflation, and a host of regulations, is the government now toasting itself because the index has gone up despite anti-market, anti-business regulations?" She emphasized, "Now is the time to thoroughly examine whether the KOSPI 5000 achievement is merely an illusion created by liquidity and optimism."

The previous day, the domestic stock market surpassed the KOSPI 5000 mark for the first time ever during trading hours, about seven months after President Lee Jaemyung's inauguration. During his presidential campaign, President Lee had put forward the 'KOSPI 5000 era' as a major pledge, but at the time, the opposition strongly questioned its feasibility.

Assemblywoman Na also criticized at the time, saying, "Candidate Lee Jaemyung, with his anti-market, anti-business DNA, is shouting empty slogans," and described it as "like a mirage." She asserted then, "The stock index does not rise because of slogans," adding, "It is only possible when corporate value growth, a solid economic foundation, and market trust accumulate." She further pointed out that President Lee's pledge was "like promising to build a fancy second or third story without laying the foundation."