{"id":2203309,"date":"2024-01-02T08:00:05","date_gmt":"2024-01-01T23:00:05","guid":{"rendered":"https:\/\/koreapro.org\/?p=2203309"},"modified":"2024-01-01T16:21:27","modified_gmt":"2024-01-01T07:21:27","slug":"yoon-suk-yeol-vows-economic-reforms-amid-south-koreas-export-slump","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/01\/yoon-suk-yeol-vows-economic-reforms-amid-south-koreas-export-slump\/","title":{"rendered":"Yoon Suk-yeol vows economic reforms amid South Korea\u2019s export slump"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korean President Yoon Suk-yeol pledged significant economic reforms for 2024 in his <\/span><a href=\"https:\/\/www.president.go.kr\/president\/speeches\/u0YNcjYp\"><span style=\"font-weight: 400;\">New Year address<\/span><\/a><span style=\"font-weight: 400;\">, focusing on revitalizing the country\u2019s economy. Yoon emphasized the government\u2019s 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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Yoon\u2019s New Year address emphasized economic recovery without delving into specifics, reflecting the country\u2019s challenging economic landscape. According to the <\/span><a href=\"https:\/\/www.motie.go.kr\/motie\/ne\/presse\/press2\/bbs\/bbsView.do?bbs_seq_n=168425&amp;bbs_cd_n=81&amp;currentPage=1&amp;search_key_n=&amp;cate_n=&amp;dept_v=&amp;search_val_v=\"><span style=\"font-weight: 400;\">Ministry of Trade, Industry and Energy<\/span><\/a><span style=\"font-weight: 400;\">, South Korea&#8217;s exports saw a 7.4% decline in 2023, driven by the downturn in the semiconductor sector and global economic uncertainties.<\/span><\/p>\n<p><a href=\"https:\/\/www.koreaherald.com\/view.php?ud=20231231000054\"><span style=\"font-weight: 400;\">Forecasted economic growth<\/span><\/a><span style=\"font-weight: 400;\"> for South Korea in 2024 presents a varied picture. The government estimates a 2.4% increase, while other predictions are more conservative, ranging from 2.1% by the Bank of Korea to as low as around <\/span><a href=\"https:\/\/www.chosun.com\/english\/national-en\/2023\/12\/29\/X4P5EO53OBEUFC6L6UCZK6ALCI\/\"><span style=\"font-weight: 400;\">1%<\/span><\/a><span style=\"font-weight: 400;\"> by other experts. The International Monetary Fund, the Asian Development Bank and the Organization for Economic Co-operation and Development average out at 2.2%. South Korea\u2019s economy grew <\/span><a href=\"https:\/\/www.reuters.com\/markets\/asia\/south-koreas-economic-growth-beats-estimates-backing-rate-pause-2023-10-25\/\"><span style=\"font-weight: 400;\">1.4%<\/span><\/a><span style=\"font-weight: 400;\"> in the third quarter of 2023.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">South Korea\u2019s parliamentary elections are 100 days away, and the elections are largely expected to be a referendum on Yoon\u2019s overall performance as president.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/domestic-politics\/\"><span class=\"tag\">Domestic Politics<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>South Korean President Yoon Suk-yeol pledged significant economic reforms for 2024 in his New Year address, focusing on revitalizing the country\u2019s economy. Yoon emphasized the government\u2019s 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 [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2203310,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,27],"class_list":["post-2203309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-domestic-politics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Yoon Suk-yeol vows economic reforms amid South Korea\u2019s export slump - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/01\/yoon-suk-yeol-vows-economic-reforms-amid-south-koreas-export-slump\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Yoon Suk-yeol vows economic reforms amid South Korea\u2019s export slump - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korean President Yoon Suk-yeol pledged significant economic reforms for 2024 in his New Year address, focusing on revitalizing the country\u2019s economy. 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