Lee Jae-myung Gathers Economic Leaders to Tackle Economic Hardships

On December 12, Lee Jae-myung, the leader of the main opposition Democratic Party of Korea (DPK), held an emergency meeting with key economic organizations at the National Assembly in Yeouido, Seoul. The meeting aimed to address pressing livelihood issues and was attended by prominent figures from various economic sectors, including Sohn Kyung-shik, Kim Ki-moon, and others.

During the meeting, economic leaders expressed their concerns over the current economic challenges and urged the DPK leader to address the political uncertainties that are negatively impacting business activities. They emphasized the need for social stability to foster a conducive environment for economic growth.

Sohn Kyung-shik highlighted the difficulties faced by the economy, stating, "This year, our economy is facing difficulties with consumption stagnation continuing throughout the year and the expansion of external risks such as sluggish demand from major countries, leading to a slowdown in export growth."

He further elaborated on the impact of political instability, saying, "In this situation, the recent increase in political uncertainty is very concerning as it can shrink business activities and make the economy even more difficult."

Kim Ki-moon echoed these sentiments, noting the severe challenges faced by micro-enterprises and export SMEs. "Micro-enterprises are worried about survival beyond livelihood, and export SMEs are concerned about losing overseas clients."

The economic leaders presented specific cases of damage to micro-enterprises and export SMEs, requesting efforts to restore consumer sentiment and manage credibility. They also highlighted the alarming increase in personal business loan delinquency, which has surged by nearly 80% in the third quarter of this year compared to the same period last year.

Sohn Kyung-shik stressed the importance of unity in overcoming the current crisis, stating, "In times like these, all members of our society must unite to overcome the crisis and achieve social stability."

Additionally, Sohn called for a careful review of legislative issues that could potentially hinder business activities. "Particularly, issues such as the amendment of the Commercial Act or the extension of the statutory retirement age, which could shrink business activities, should be reviewed more carefully."