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Analysis Why Yoon’s embrace of populist economics is bad news for South Korea’s economyPresident froze utility fees and is bringing in some of country’s largest corporations to support political decisions On Monday, the South Korean presidential office instructed the Financial Services Commission, the country’s financial regulator, to devise measures to ease the burden of households suffering from higher interest rates. “Banks serve the public interest and as such, some of their profits should return to the people, self-employed and small business owners as a benefit of so-called finance of co-existence,” Yoon Suk-yeol said on Monday during a senior Cabinet meeting. Yoon echoedhis earlier statement on Wednesday when he said he would freeze utility fees for the first half of the year and called on the communications and financial industries © Korea Risk Group. All rights reserved. |





