The first year of the Yoon Suk Yeol administration
The first year of the Yoon Suk Yeol administration

The first year of the Yoon Suk Yeol administration

  • 01
    The first year of the Yoon Suk Yeol administration, A Year of striving to overcome crises together with the public
  • 02
    At the time of the administration's inauguration last year, Korea was faced with complex global economic crises

    At the time of the administration's inauguration last year, Korea was faced with complex global economic crises

    • Global excess liquidity, Ukraine war, Inflation, Drastic interest rate hikes
    • Growing concern over a global economic recession
    • Long-standing structural issues
    • Arapid increase of national and household debt
  • 03
    The government embarked on sweeping transformation across all areas

    The government embarked on sweeping transformation across all areas

    • Shifting toward an economy led by the private sector and the market
    • Rebuilding global solidarity

    Sweeping transformation, which made intial progress in its first year, will bring about greater benefits to the public in the mid- and long-term

  • 04
    Economic Sector Measures and Outcomes

    Economic Sector Measures and Outcomes

    Expansion of investment and job creation
    Completing 174 economic regulatory reforms
    Increasing tax incentives
    Revamping 140 regulations on punishment of economic crimes
    The public sector's backin for the private sector
    Curbing an increase in total expenditure to the extent possible in 2023+Proceeding with enacting fiscal reles
    Preemptive response to complex global economic challenges
    Providing over 50 trillion won in liguidity, Ensuring a soft landing in the real estate market
  • 05
    Economic Sector Measures and Outcomes

    Economic Sector Measures and Outcomes

    Stabilization of living conditions
    Returing to less than a 4% inflation
    Worling toward the highest employment and the lowest unemployment
    13 times Drawing up measures to stabilize the people's livelihoods
    Up to 12% Ramping up welfare expenditure for the vulnerable
    Measure to brace for the future
    Overhauling labour and education systems, Fostering high tech industries and strategic technologies
  • 06
    Despite progress made amid challenging circumstances, there is room for further improvement

    Despite progress made amid challenging circumstances, there is room for further improvement

    • Uncertainties stemming from external factors such ad raw material prices
    • Sluggish demand and exports in the IT sector
    • Underlying issues that remain to be addressed such as improving economic fundamentals
  • 07
    The government will build a robust and competent economy though fundamental economic reforms aiming to boost productivity and potential growth rates