Na Kyungwon, Who Once 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 to a recovery of the overall economy.

Assemblywoman Na raised concerns about the economic indicators underlying the index's rise. She pointed out that the value of the Korean won is nearing 1,500 won per dollar and the inflation rate is heading toward 5 percent, also noting that the growth rate in the fourth quarter of last year was -0.3 percent and that per capita GDP has declined. She added, "We must not ignore concerns that KOSPI 5000 could be a time of illusion with no real impact felt by the public."

She continued, "The index is at 5000, but why are people's bank accounts not increasing? Has the real economy improved to the same extent? Why is the dream of home ownership becoming more distant, and why are job opportunities decreasing?" highlighting the gap between the stock market's rise and the public's perception of the economy.

She also criticized the government's economic policy direction. Assemblywoman Na argued, "The government continues to pursue expansionary fiscal policy through borrowing, distributing various coupons and cash, and mobilizing pension funds and tax measures to push up the index," adding, "The currency supply has been maximized, causing the value of the won to plummet, and high exchange rates have inflated export companies' earnings, creating concerns about an asset bubble where only the index appears impressive."

She also referred to the current administration's regulatory policies, saying, "The Yellow Envelope Act, Serious Accidents Punishment Act, Presumption of Employee Status Act, the rigid 52-hour workweek, mandatory treasury stock cancellation under the Commercial Act, and all sorts of anti-market and anti-business regulations are being strengthened day by day," criticizing, "While tying the hands and feet of companies, it is inconsistent to package the KOSPI 5000 achievement as a self-congratulatory success."

She further stated, "After undermining corporate profitability with high exchange rates, high inflation, and various regulations, is the government toasting itself over the index's rise despite anti-market and anti-business regulations?" She stressed, "Now is the time to thoroughly examine whether the KOSPI 5000 achievement is a mirage created by liquidity and optimism."

The previous day, for the first time in history, the KOSPI surpassed the 5000 mark during trading hours, approximately seven months after President Lee Jaemyung took office. President Lee had presented the 'KOSPI 5000 era' as a major pledge during his presidential campaign, 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 and anti-business DNA, is making empty slogans," and described it as "like a mirage." She argued, "The stock index does not rise on slogans," and insisted, "It is only possible when there is value growth in companies, a strong economic foundation, and accumulated market trust." She further commented on President Lee's pledge, saying, "It's like building a flashy second and third floor without laying the foundation."