Lunar New Year and livelihood fears
Published: 27 Jan. 2025, 00:01
Since the declaration of martial law in December last year, Korea's political landscape has been embroiled in an unprecedentedly intense partisan battle. The Democratic Party (DP), which dominates the National Assembly, has focused all its energy on attacking the Yoon Suk Yeol administration, while the People Power Party (PPP) has been equally determined to prevent the transfer of power by targeting Lee Jae-myung, the DP leader.
However, as Koreans celebrate the Lunar New Year, the public’s expectations for the political arena are far removed from such loud and chaotic partisan skirmishes. In a recent public opinion poll conducted by the JoongAng Ilbo and Gallup Korea, 48 percent of respondents identified "stabilizing livelihoods and revitalizing the economy" as the top priority for the next president. The second-most cited priority, "resolving social conflicts and promoting national unity," was far behind at 20 percent. Across all age groups, regions, occupations and political affiliations, the overwhelming demand was for politicians to focus on resolving economic hardships and stabilizing daily life.
Indeed, ominous clouds are gathering over the Korean economy. According to an analysis by the Korea Institute for Industrial Economics and Trade, if U.S. President Donald Trump were to implement universal tariffs of 10–20 percent, as promised in his campaign, Korea's exports to the United States would decrease by 9.3–13.1 percent, reducing the nation’s economic growth rate by 0.1–0.2 percentage points this year. On top of strong dollars compared to won, high inflation and high interest rates, domestic demand is shrinking, leaving small business owners and self-employed individuals struggling to survive. Rising household debt and a sluggish real estate market are also adding to the economic burden.
Overcoming this economic crisis requires concerted efforts from the government, ruling and opposition parties. However, following the impeachment of President Yoon, the tripartite consultation body for policy coordination has become virtually defunct. Both parties, preoccupied with early presidential election strategies, have prioritized combative political maneuvering over meaningful collaboration. Discussions on an economic stimulus package, including the DP's proposal for a 250,000 won ($175) payment to all citizens, have stalled amid accusations of populism.
With the impeachment and martial law issues partly settled, the ruling and opposition parties must focus on economic legislation during the February parliamentary session without being bound by partisan interests. This is the path to aligning with public sentiment. Notably, DP leader Lee Jae-myung drew attention during the Jan. 23 press conference by stating, "Ideologies and political camps don't feed people," and emphasizing a pragmatic approach and private sector-led growth. His rhetoric is on the right track, but the challenge lies in execution. To prove his sincerity, the DP, with its parliamentary supermajority, must swiftly pass key legislative measures such as the Semiconductor Special Act and the Power Grid Special Act, which are crucial for businesses.
Presidential hopefuls in the PPP must also contribute to stabilizing livelihoods. If they focus solely on consolidating conservative support and lean excessively to the right, they risk alienating broader public sentiment.
During this Lunar New Year holiday, both ruling and opposition parties should open their ears wide and attentively listen to voices from the ground. Only by respecting public sentiment can they pave the way for South Korea's future.
Translated using generative AI and edited by Korea JoongAng Daily staff.
However, as Koreans celebrate the Lunar New Year, the public’s expectations for the political arena are far removed from such loud and chaotic partisan skirmishes. In a recent public opinion poll conducted by the JoongAng Ilbo and Gallup Korea, 48 percent of respondents identified "stabilizing livelihoods and revitalizing the economy" as the top priority for the next president. The second-most cited priority, "resolving social conflicts and promoting national unity," was far behind at 20 percent. Across all age groups, regions, occupations and political affiliations, the overwhelming demand was for politicians to focus on resolving economic hardships and stabilizing daily life.
Indeed, ominous clouds are gathering over the Korean economy. According to an analysis by the Korea Institute for Industrial Economics and Trade, if U.S. President Donald Trump were to implement universal tariffs of 10–20 percent, as promised in his campaign, Korea's exports to the United States would decrease by 9.3–13.1 percent, reducing the nation’s economic growth rate by 0.1–0.2 percentage points this year. On top of strong dollars compared to won, high inflation and high interest rates, domestic demand is shrinking, leaving small business owners and self-employed individuals struggling to survive. Rising household debt and a sluggish real estate market are also adding to the economic burden.
Overcoming this economic crisis requires concerted efforts from the government, ruling and opposition parties. However, following the impeachment of President Yoon, the tripartite consultation body for policy coordination has become virtually defunct. Both parties, preoccupied with early presidential election strategies, have prioritized combative political maneuvering over meaningful collaboration. Discussions on an economic stimulus package, including the DP's proposal for a 250,000 won ($175) payment to all citizens, have stalled amid accusations of populism.
With the impeachment and martial law issues partly settled, the ruling and opposition parties must focus on economic legislation during the February parliamentary session without being bound by partisan interests. This is the path to aligning with public sentiment. Notably, DP leader Lee Jae-myung drew attention during the Jan. 23 press conference by stating, "Ideologies and political camps don't feed people," and emphasizing a pragmatic approach and private sector-led growth. His rhetoric is on the right track, but the challenge lies in execution. To prove his sincerity, the DP, with its parliamentary supermajority, must swiftly pass key legislative measures such as the Semiconductor Special Act and the Power Grid Special Act, which are crucial for businesses.
Presidential hopefuls in the PPP must also contribute to stabilizing livelihoods. If they focus solely on consolidating conservative support and lean excessively to the right, they risk alienating broader public sentiment.
During this Lunar New Year holiday, both ruling and opposition parties should open their ears wide and attentively listen to voices from the ground. Only by respecting public sentiment can they pave the way for South Korea's future.
Translated using generative AI and edited by Korea JoongAng Daily staff.
with the Korea JoongAng Daily
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