[News Focus] Moon to pass halfway point with challenges at home and abroad
SEJONG -- President Moon Jae-in will pass the halfway point in November, finishing the first 30 months of his 60-month term.
The Moon administration launched in May 2017, several months after a political scandal involving former President Park Geun-hye and her confidante Choi Soon-sil swept the nation and ignited public fury.
The people pinned great hopes on Moon, who stressed justice and fairness in his inaugural speech.
Moon’s approval ratings hovered around 70-80 percent during the first year of his tenure on the back of improved relations with North Korea after the 2018 PyeongChang Winter Olympics and the subsequent inter-Korean summit.
But his popularity started falling in the third quarter of 2018.
President Moon Jae-in (AP)
His personnel policy frustrated a great number of people, as he was accused of appointing liberals or Democratic Party members to the Cabinet irrespective of their career backgrounds as civil servants.
Many microbusiness owners, including self-employed individuals, had to close up shop as a result of the huge cost burden the Moon government imposed by implementing drastic minimum wage hikes over the past two years.
Young people, accordingly, faced a shortage of part-time jobs. Further, Moon’s earlier pledge to create as many jobs as possible for people in their 20s has gone unfulfilled amid an economic slowdown.
The people question what was done with the taxpayer money -- about 50 trillion won ($41.3 billion) -- that was supposedly allocated to promote employment.
In November 2016, when the Choi Soon-sil influence-peddling scandal hit the nation, the extended jobless rate -- a figure that reflects underemployment as well as unemployment and is an indicator of the de facto unemployment rate -- stood at 9.8 percent.
But it had climbed more than 2 percentage points to 11.9 percent as of July 2019, according to Statistics Korea.
Since 2015, the government agency has compiled extended (or sentiment-reflected) unemployment rates in a document titled the Supplementary Index III for Employment, an effort to shed a clearer light on unemployment and underemployment trends.
People deemed to be among the “extended jobless” include temporary employees who work fewer than 36 hours a week and want to change jobs, as well as seasonal workers who are out of work for part of the year.
The liberals’ real estate sector policies also stoked anger among prospective homeowners, as apartment prices in Seoul jumped 50 to 80 percent in only two years.
Seoul apartment prices, after a spike that led to an all-time high, have been resilient in the face of the Land Ministry’s anti-speculation measures, despite the ministry’s decision to designate several locations in Gyeonggi Province as new residential areas.
The Moon government’s education policy has embarrassed many students and parents, as it allegedly sought to scrap some of the elite high schools nationwide. Paradoxically, the children of some liberal political heavyweights have graduated from elite schools, including autonomous private high schools and high schools that specialize in teaching foreign languages.
(Graphic by Han Chang-duck/The Korea Herald)
Since Moon took office, the Kospi dropped by 330.22 points or 14.5 percent from 2,270.12 on May 10, 2017, to 1,939.90 on Aug. 19, 2019.
The bearish capital market, alongside the weakness of the won against major key currencies, represents a sagging economy with few signs of a breakthrough in the government’s macroeconomic policies.
While some liberals attributed the lackluster economy to the dispute over tariffs between China and the US or to South Korea’s trade war with Japan, South Korea is one of the few emerging economies whose currency has posted such a sharp drop.
The nation’s exports fell by 9.5 percent on-year during the Jan. 1-Aug. 10 period, which is likely to seriously undermine the 2019 growth of its gross domestic product.
One analyst in Seoul said, “Korea’s GDP ranking is projected to slide from the current 12th and per capita income fall below $30,000 again.”
He also raised the possibility that the nation, which currently stands at No. 6 among the world’s top exporters, might lose its place in the rankings.
Further, Moon’s inter-Korean policies have faced a deadlock amid lingering uncertainty over the North’s intentions regarding the dismantlement of its nuclear facilities.
President Moon and the Democratic Party have lost popularity among people aged 50 and over and among men in their 20s, according to pollsters.
By Kim Yon-se (kys@heraldcorp.com)
The Moon administration launched in May 2017, several months after a political scandal involving former President Park Geun-hye and her confidante Choi Soon-sil swept the nation and ignited public fury.
The people pinned great hopes on Moon, who stressed justice and fairness in his inaugural speech.
Moon’s approval ratings hovered around 70-80 percent during the first year of his tenure on the back of improved relations with North Korea after the 2018 PyeongChang Winter Olympics and the subsequent inter-Korean summit.
But his popularity started falling in the third quarter of 2018.
His personnel policy frustrated a great number of people, as he was accused of appointing liberals or Democratic Party members to the Cabinet irrespective of their career backgrounds as civil servants.
Many microbusiness owners, including self-employed individuals, had to close up shop as a result of the huge cost burden the Moon government imposed by implementing drastic minimum wage hikes over the past two years.
Young people, accordingly, faced a shortage of part-time jobs. Further, Moon’s earlier pledge to create as many jobs as possible for people in their 20s has gone unfulfilled amid an economic slowdown.
The people question what was done with the taxpayer money -- about 50 trillion won ($41.3 billion) -- that was supposedly allocated to promote employment.
In November 2016, when the Choi Soon-sil influence-peddling scandal hit the nation, the extended jobless rate -- a figure that reflects underemployment as well as unemployment and is an indicator of the de facto unemployment rate -- stood at 9.8 percent.
But it had climbed more than 2 percentage points to 11.9 percent as of July 2019, according to Statistics Korea.
Since 2015, the government agency has compiled extended (or sentiment-reflected) unemployment rates in a document titled the Supplementary Index III for Employment, an effort to shed a clearer light on unemployment and underemployment trends.
People deemed to be among the “extended jobless” include temporary employees who work fewer than 36 hours a week and want to change jobs, as well as seasonal workers who are out of work for part of the year.
The liberals’ real estate sector policies also stoked anger among prospective homeowners, as apartment prices in Seoul jumped 50 to 80 percent in only two years.
Seoul apartment prices, after a spike that led to an all-time high, have been resilient in the face of the Land Ministry’s anti-speculation measures, despite the ministry’s decision to designate several locations in Gyeonggi Province as new residential areas.
The Moon government’s education policy has embarrassed many students and parents, as it allegedly sought to scrap some of the elite high schools nationwide. Paradoxically, the children of some liberal political heavyweights have graduated from elite schools, including autonomous private high schools and high schools that specialize in teaching foreign languages.
Since Moon took office, the Kospi dropped by 330.22 points or 14.5 percent from 2,270.12 on May 10, 2017, to 1,939.90 on Aug. 19, 2019.
The bearish capital market, alongside the weakness of the won against major key currencies, represents a sagging economy with few signs of a breakthrough in the government’s macroeconomic policies.
While some liberals attributed the lackluster economy to the dispute over tariffs between China and the US or to South Korea’s trade war with Japan, South Korea is one of the few emerging economies whose currency has posted such a sharp drop.
The nation’s exports fell by 9.5 percent on-year during the Jan. 1-Aug. 10 period, which is likely to seriously undermine the 2019 growth of its gross domestic product.
One analyst in Seoul said, “Korea’s GDP ranking is projected to slide from the current 12th and per capita income fall below $30,000 again.”
He also raised the possibility that the nation, which currently stands at No. 6 among the world’s top exporters, might lose its place in the rankings.
Further, Moon’s inter-Korean policies have faced a deadlock amid lingering uncertainty over the North’s intentions regarding the dismantlement of its nuclear facilities.
President Moon and the Democratic Party have lost popularity among people aged 50 and over and among men in their 20s, according to pollsters.
By Kim Yon-se (kys@heraldcorp.com)
(责任编辑:行业动态)
相关内容
- Carbon neutrality law violates basic rights: Constitutional Court
- Slate News Quiz: Miguel Cardona, Ronny Jackson, Mount Sinabung.
- 一季度 我市实现城镇新增就业5101人
- This app brings the Dynamic Island to Android phones
- Pope says England are not 'one
- 评论丨农事运动会:一场农民的盛会、新农人风采展现的盛会、城乡双向奔赴的盛会
- 61% of U.S. adults say Big Tech should restrict misinformation on social platforms
- 'Alpha males' and the Manosphere: Stop listening to these scammers
- Alcaraz earns Zverev revenge in Madrid
- 特写|在农事定向大赛遇见和美乡村
- Disney+ is cracking down on password sharing now too
- Wordle today: Here's the answer and hints for May 2
- Sesame Workshop marks Mental Health Awareness Month with emotional well
推荐文章
-
PS5 Pro: There are new whispers that the release date is fast approaching
Rumors of a "PS5 Pro" have been rocking the internet all year — and a new batch out of the big ...[详细] -
本报讯4月30日,名山区房产楼盘杰翎雅苑线上直播看房活动举行,在67分钟的直播中,吸引了2.4万余人次进行“云看房”。在直播活动现场,置业顾问带领着主播从楼盘的整体布局、沙盘、样板房、周围设施、增值空 ...[详细]
-
Tesla increases prices of Model 3 and Model Y in the U.S.
Tesla cars are getting pricier again. The company increased the prices of its cars in the U.S., as w ...[详细] -
After a surprisingly robust 2017, our collective attentions now turn to the new year, and many quest ...[详细]
-
PS5 Pro: It looks like a sketch of the design just leaked
After a few quiet months, rumors about Sony's alleged upcoming "PS5 Pro" console are flooding the in ...[详细] -
Amazon's first real NFL game was a major win for Prime subscriptions
Big surprise: People like football!That’s perhaps the biggest takeaway in the aftermath of Ama ...[详细] -
TikTok and Penguin Random House partner bring book tags to your FYP
One of the most robust and beloved communities to emerge on TikTok is #BookTok, a corner of the plat ...[详细] -
Sanctions not sole reason for humanitarian crisis in North Korea: unification ministry
Unification Minister Lee In-young / YonhapUnification Minister Lee In-young did not mean that global ...[详细] -
Kamala Harris’ ridiculous problem with the political press.
Last Thursday, standing on the tarmac in Michigan in front of Air Force Two, Kamala Harris took some ...[详细] -
种类多到让你怀疑人生的新疆奶制品 | 南疆风物志⑨_南方+_南方plus编者按:12月16-17日,“疆品南下粤品北上”广东对口援疆地区名优产品走进大湾区系列活动将在广州海心沙举行,一场疆味盛宴即将开 ...[详细]
热点阅读
随机内容
- Republicans on abortion
- Get $35 off the Cube GPS tracker at Best Buy
- 'Quordle' today: See each 'Quordle' answer and hints for May 4
- Four unusual SEA Games sports
- 7 Reasons to Explore Boston’s Lesser
- [ANALYSIS] Why is Pyongyang unresponsive to Biden administration?
- Nicolas Sarkozy anticipated the rise of Trump—and perhaps his downfall.