By Kayla Lee    

Delivering the New Year address to the nation, President Yoon Suk-yeol said on Jan. 1, 2024, "The center of all national affairs is the people. I will make the year of 2024 a year of civil recovery where the warmth of economic achievements and economic recovery reaches every corner of people's lives."

President Yoon said in his address, which was broadcast live from the Yongsan presidential office on the morning of the same day, "I will go into the field of people's lives, listen to even the smallest voices, and promote true people's policies that change people's lives." 

President Yoon emphasized the word 'people' 28 times, 'economy' 19 times, and 'livelihood' nine times, indicating his intention to prioritize livelihood and the economy in the New Year.

He said, “I did my best to improve the people’s welfare. I tried hard to turn the economy around. But it saddens me that they were not enough. Yet, even in such difficult times, you vigorously pulled through.” 

Noting that most economies around the world experienced ‘stagflation’ marked by high inflation and economic slowdown last year, President Yoon said, “Some countries were hit even harder: those who were heavily dependent on a specific nation; those who failed in their energy transition policies; and those who could not adapt to the era of deepening digitalization. Amid the global polycrisis, Korea was one of the fastest in the world to lay the groundwork for recovery and growth. They were possible thanks to the sweat and hard work of people and businesses like you.”

He continued to say, “In the midst of a global polycrisis, improving your daily lives has been at the center of this government’s policies. We spared no effort. We kept sound fiscal principles. We, thereby, secured more room for future fiscal spending, curbed inflation, and maintained Korea’s sovereign credit rating. We normalized the housing market. We got rid of regulations that had distorted the market so that it could work based on economic principles rather than on politics and ideology.”

Commenting that the government offered world-class incentives for national strategic technologies including semiconductor industries and encouraged more company employment and investment by lowering the corporate tax rate, President Yoon said, “We allocated 15 national industrial complexes for high-tech industries and 7 specialized complexes for cutting-edge strategic industries. We also eliminated so-called ‘killer regulations’ which do not meet global standards, nurtured our industries and opened up new markets.”

Stressing that the New Year of 2024 will be a significant turning point for Korea’s new leap forward, he said, “Our overall economic vitality will improve as global trade is expected to pick up. Increased export will drive recovery and further growth. Prices will become more stabilized. The government will do its best to make sure that the warmth of economic recovery is felt by those who are vulnerable and socially disadvantaged.”

He also said that the government will expedite redevelopment and reconstruction projects by reviewing their procedures from scratch. We will also expand the supply of small units suitable for one- or two-person households. To sustain economic vitality, we will continue to abolish ‘killer regulations’ that hinder business investment.”

Pointing out that the globally renowned magazine The Economist ranked us second in a comprehensive assessment of the economies of the 35 OECD member states, he said, “We will make this year one that energizes your daily lives. The warmth of economic achievement and recovery will reach every corner of our society. We will continue our endeavors this year to expand your freedom, improve welfare and create a fair society.”

President Yoon also stressed that genuine reforms for the people are not possible without fighting corrupt syndicate cartels.

On the foreign policy, President Yoon said, “Since I took office, the government has fully restored the ROK-U.S. alliance, the linchpin of Korea’s foreign policy, and upgraded it to a global comprehensive strategic alliance. Once neglected Korea-Japan relations have been normalized. Shuttle diplomacy between the two countries was resumed for the first time in 12 years.”

Building upon this achievement, the president said, “Korea, the United States and Japan established a system of trilateral cooperation at Camp David. We are now at the forefront of promoting peace and prosperity in the Indo-Pacific region. In accordance with the Korea-U.S. Washington Declaration, we launched the Nuclear Consultative Group (NCG) and established a nuclear-based ROK-U.S. military alliance.”

Commenting that the Republic of Korea is firmly building a genuine and lasting peace, President Yoon said, “Korea will build peace through strength. It will not be a submissive peace that is dependent on the good will of the adversary. Strong security will underpin free economic activities. It will allow the people to carry out their daily lives without fear. We will accelerate our efforts to build a stronger ROK 3K Defense System to defend against North Korean nuclear and missile threats.”

President Yoon continued to say, “By the first half of this year, we will complete the enhanced ROK-U.S. extended deterrence system to fundamentally deter any North Korean nuclear and missile threat. Our military will be transformed into a powerful force based on cutting-edge science and technology including AI, and the Manned-Unmanned Teaming System.”

He added, “Moreover, we will build a cybersecurity environment that the people can trust. Major national institutions and civilian critical infrastructure will be thoroughly protected from various cyber threats, including those of North Korea.”

President Yoon added, “A seamless global economic security network will be built upon such solid national security foundations. We will significantly increase our resilience against disruptions in the supply chains for minerals, materials and parts that bear directly on our key industries and your livelihood.”