A 'Lucky Vicky' take on the economy

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A 'Lucky Vicky' take on the economy

 
Suh Kyoung-ho
 
The author is an editorial writer at the JoongAng Ilbo. 
 
Five years ago, when the Covid-19 pandemic first erupted, I wrote a column titled “The silver lining of Covid-19.” At the time, despair seemed omnipresent, but I argued that even in the darkest clouds, there was a mustard seed of hope. One example I cited was how political parties had put aside their differences and agreed on an emergency supplementary budget. After all, as the saying goes, “Every cloud has a silver lining.”
 
A similar idea resurfaced last year with the internet trend of “Won-young Thinking.” The phrase was inspired by K-pop idol Jang Won-young, who, when faced with an unfortunate situation — arriving at a bakery only to find the bread sold out — chose to see the positive side: “That just means I'll get a fresh, warm batch!” Her extreme optimism turned into a viral meme, embodying the mindset that fortune is always on her side.
 
Now, as Korea grapples with a political crisis marked by martial law discussions, impeachment turmoil and Trump’s tariff war, the economic outlook appears bleak. On Monday, the stock market plunged, a clear signal that investors are reacting sharply to bad news, reflecting both weak economic fundamentals and deteriorating sentiment among market participants.
 
And so, in the spirit of Won-young Thinking, I find myself scraping the bottom of the pot in search of a silver lining for Korea’s economy.
 
Just as in the early days of the pandemic, there is now a growing consensus on the need for a supplementary budget. The opposition has abandoned its previous demand for a nationwide livelihood support fund, which had been the biggest obstacle to passing the budget.
 
The ruling People Power Party (PPP) had initially insisted that the Democratic Party (DP) first apologize for unilaterally pushing through its drastic budget cuts last year. But this is no time for political tit-for-tat — speed is of the essence. The focus should be on identifying critical projects that will boost the economy while ensuring that this year’s revenue projections remain realistic to prevent another tax shortfall.
 
Won-young from girl group IVE, the creator of "Won-young Thinking." [NEWS1 ]

Won-young from girl group IVE, the creator of "Won-young Thinking." [NEWS1 ]

 
Finalizing the government’s fiscal plan as soon as possible will in itself help reduce economic uncertainty.
 
In a presidential system, the absence of a sitting president is undeniably abnormal. Who will mediate policy disputes? Who will break down bureaucratic silos between ministries? These are legitimate concerns.
 
But this unusual situation also has a surprising upside: It reduces the political cost of economic policymaking.
 
Two years ago, at this very time, public outrage over soaring heating bills had reached its peak. President Yoon Suk Yeol responded swiftly, ordering officials to “actively consider measures to ease the burden on middle-class and working-class households.”
 
The moment the phrase "middle class" entered the directive, economic ministries found themselves in a tight spot. Expanding heating subsidies to middle-income households clashed with market principles, which dictate that energy prices should be adjusted to curb demand and encourage conservation. In the end, government officials had to engage in exhaustive efforts to persuade the Presidential Office, an ordeal I later learned had been quite grueling.
 
Without a president in office, we are less likely to see populist-driven policies — such as a sudden short-selling ban, enacted purely for electoral appeal — being pushed through.
 
Of course, the politicization of economic policy is nothing new. A former senior official from the Moon Jae-in administration once lamented that “any policy deemed unhelpful to the administration was easily overridden by the political affairs team.”
 
Moon himself frequently postponed pension reform, citing “the public’s expectations” as a justification. In this sense, the absence of a president may ironically shield policy from political interference, allowing rational policymaking to proceed unimpeded.
 
Former Finance Minister Yoon Jeung-hyun once quoted a Western proverb in an interview with Monthly JoongAng: “The economy grows when politicians are asleep.” His point? Minimizing political meddling in economic matters is essential.
 
With the DP controlling the legislature, it has now begun signaling pragmatism in an effort to win over centrist voters.
 
This presents a unique opportunity — a moment where corporate-friendly legislation, long sought after by businesses, may have a real chance of passing. Even without legislative action, there are many regulations the government can ease through executive orders and rule changes.
 
Regulations that say “no” — the bans and restrictions that hinder business operations — are largely under government control. Officials should take cues from the recent decision by the Office for Government Policy Coordination, which lifted longstanding restrictions on Kia’s Sohari factory for the first time in 54 years.
 
If bureaucrats and ministries seize this unexpected opportunity rather than succumbing to inertia, they can prove their worth and effectiveness.
 
When the next administration takes office, it must rigorously evaluate the achievements and shortcomings of this headless government.
 
The Board of Audit and Inspection should also reaffirm its commitment to protecting proactive civil servants, ensuring that public officials who act decisively will not face punitive measures.
 
Won-young performs during the first night of girl group IVE's first world tour, ″Show What I Have,″ held at the Jamsil Indoor Stadium in southern Seoul's Songpa District on October 2023. [STARSHIP ENTERTAINMENT]

Won-young performs during the first night of girl group IVE's first world tour, ″Show What I Have,″ held at the Jamsil Indoor Stadium in southern Seoul's Songpa District on October 2023. [STARSHIP ENTERTAINMENT]

 
Jang Won-young’s childhood English name was “Vicky,” a name that has since inspired the catchphrase “Lucky Vicky”— a symbolic incantation of unwavering optimism.
 
Times are tough, and uncertainty looms large.
 
But as we navigate this turbulence, perhaps we, too, should adopt a little bit of Won-young Thinking.
 
Lucky Vicky to us all. 
 
Translated using generative AI and edited by Korea JoongAng Daily staff. 
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