"You may enter the lost decade like Korea and Japan"...Foreign media's dreaded prospect [Y transcript]

■ Host: Anchor Kim Youngsoo Kim and anchor Lee Eun-sol
■ Starring: Lee In-cheol, Director of the Economic Research Institute,

* The text below may differ from the actual broadcast content, so please check the broadcast for more accurate information. Please specify [YTN Newswide] when quoting.

◇Anchor> Now, both KOSPI and KOSDAQ have closed lower, but many foreigners and institutional investors have escaped. Can this be seen as the aftermath of martial law and impeachment?

◆Lee In-cheol> I wanted to cry earlier, but the fact that I got slapped is actually not good in our internal economy. Because the Bank of Korea said that. Even before the impeachment, Korea's growth rate next year is 1.9, and 2026 is 1.8. For the second consecutive year, we have grown in the 1% range before we were born. This is the first time in nearly 70 years since the Korean War in 1965. Since 1956. So now, with low growth, political uncertainty is added to this and Trump's second period of stronger protectionism. The past two impeachments have had a hill of ville. In 2004, the Chinese economy was very booming. In the impeachment process in 016, the semiconductor cycle was booming, so the recovery period was very fast by using exports as a driving force. However, next year's Chinese economy is not good enough to raise concerns about deflation. The U.S. economy is good, but with the stronger, stronger second administration, we probably have the largest surplus ever in the Trump administration, especially last year. In that case, the Trump administration is likely to give us a part to resolve this, to resolve it, and to submit a bill.

Considering this, I actually talk about not only the economy, but also the stock market, the exchange rate triple, the perfect storm, and some people say this. Forbes magazine even warns that Korea could enter the beginning of a lost decade like Japan.

◇Anchor> Then what should we do for our economy?

◆Lee In-cheol> Bad news spreads faster. Good news doesn't spread quickly. The world's major headlines, which were decorated by the Han River and BTS, are suddenly being given a very bad news of emergency martial law. So it's the same now. The power of our passports is at the level of free pass. It is possible to pass without a hitch in more than 190 countries. I have a global passport power, but now Thailand doesn't accept Korean money. I can't exchange money in Korea. I have to change this. How long will it take to change this? Probably, the Korea discount phenomenon is intensifying, and Forbes magazine says it will take so long that 51 million Koreans will have to pay it back in installments for a very long time. Nevertheless, former chairman Lee Kun-hee said this. Korean politics is third-rate. I believe this saying that the first-class people are feeding them.

In the past, there was an impeachment and politics was unstable, but the wise people always solved this. The ball went to the Constitutional Court now. It goes for at least two to three months or six months before the Constitutional Court ruling comes out. You have to relieve this. And then internally, the government has been operating very tight for three years, so it's time to spend money. The economy is so bad that we can enter a recession, so we're loosening our finances. Small business owners are very difficult right now. I'm in a situation where I have to provide financial support. As a result, the opposition party is talking about an extra budget early next year, but it is very difficult to require an extra budget. It's a national disaster or a war, but it's a situation equivalent to that now, so we have to quickly release our finances and stimulate the economy with an agreement between the ruling and opposition parties, and so do companies. I can't plan for next year. About half of the large companies now say they will tighten next year. Austerity means reducing investment and reducing manpower. But you have to make this kind of investment to use the crisis as an opportunity. So I'm probably the three economic players. I think the government, businesses, and households should probably cooperate with each other to overcome this crisis.

Excerpted from
: Lee Sun Digital News Team Editor

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