President Moon Jae-in has opened his work week by assessing the state of South Korea's economy at a special economic ministerial meeting.
For more, we have our presidential correspondent Shin Se-min on the line for us.
Se-min, did the president give us a sneak peek this morning into what the government's economic plan might look like for next year?
He did,... the structure and the path of the country's economic policies, he pretty much shared with us, which was basically continuing with the administration's "inclusive growth" initiative -- not much different from what we already expected.
One thing President Moon did say,... for the first time,... was that the govenrnment should devise complementary measures, if needed,... for some of the newly introduced economic policies.
Let's listen to this.
"Newly introduced economic policies like the minimum wage hike and cutting weekly working hours should take into account the level of receptiveness of the economy and society as well as the situations of the people concerned. If necessary, we must devise complementary measures as well."
President Moon said the new economic policies implemented this year should take into account the level of receptiveness of the economy and society as well as the situations of the people concerned,... referring to the backlash from small businesses and the self-employed to the minimum wage hike.
Employers have complained that they can't afford the new wages and have had to lay off people to make ends meet after the mimimum wage was hiked by eleven percent this year.
For South Korea to become an innovative and inclusive nation,... the president added economic revitalization must be boosted through smart regulation policies and greater investment.
And Se-min,... in the process of achieving these goals,... the president also asked for the peoples' patience?
Right. President Moon said his administration must show the people the economic outcome of the policies they are implementing.
He added that while he may not be able to drastically change the economy within his 5-year tenure,... the government must give the people hope and confidence that the country's economic policies are heading in the right direction and they will bear fruit in the end.
The president also urged members of his government to have patience as well,... even if they have concerns along the way.
Jiyoon?
