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Rival party leaders focus on Korea's economic recovery

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2014-10-31

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Speaking before a full assembly‚ the chairman of the ruling Saenuri Party‚ Kim Moo-sung‚ said Korea's economy was slipping into recession.
"South Korea's economic growth rate for each quarter has been below the 1 percent level which signals that the economy is not recovering. The economy expanded just 0.9 percent in the third quarter."
Kim proposed a three-headed attack to address the problems head on.
He called on labor‚ management‚ and the government to work together‚ to restrain wage increases‚ to endorse flexibility in the labor market and to reform pension programs.
The ruling party leader also called for deregulation and promoting the service industry to create new jobs and find new growth engines.
However‚ the interim leader of the main opposition New Politics Alliance for Democracy took a different tack.
"The world is implementing policies to reduce government debt and stimulate consumer-based growth. At first‚ consumer-based growth was the government's first priority‚ but now the main focus is on expanding investment."
Moon said fueling growth means increasing household earnings that can lead to more consumer spending.
He opposed giving tax breaks for conglomerates‚ saying they only hold on to their cash reserves‚ which cuts the money flow to households and in turn weakens consumption.
(Stand-up)
"While both party leaders differ on the details‚ they do agree that the domestic economy is reaching a crossroads that will determine whether it makes a leap forward or falls into recession."
Regarding North Korean affairs‚ the interim chief of the opposition stressed the need for dialogue‚ and called for lifting sanctions on the North‚ claiming it was the biggest obstacle to improving inter-Korean ties.
The ruling party chief made no mention of North Korean matters in his speech.
Ji Myung-kil‚ Arirang News. Reporter : mkji@arirang.co.kr

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