South Korean President Yoon Suk-yeol pledged significant economic reforms for 2024 in his New Year address, focusing on revitalizing the country’s economy. Yoon emphasized the government’s commitment to improving overall economic vitality, predicting a pickup in global trade that would spur recovery and growth. Key strategies include increasing export activities, stabilizing prices and ensuring economic recovery benefits reach the vulnerable and socially disadvantaged sectors. The government aims to alleviate the financial burden of small business owners and continue managing risks in real estate and household debt.

Yoon also announced plans to increase urban housing supply and expedite redevelopment projects, targeting the housing concerns of one- or two-person households. Additionally, the administration intends to further support cutting-edge industries and abolish regulations hindering business investment.