[Editorial] Revitalize economy

South Korea's gross domestic product increased 0.6 percent in the second quarter from the previous quarter. It is fortunate that it increased two straight quarters after seeing negative growth in the fourth quarter last year due to a slump in exports. But Korea's GDP grew in the second quarter because imports decreased more than exports did. Exports shrank by 1.8 percent and imports by 4.2 percent. It is worrying that exports, which have propelled South Korea‘s economic growth, a

July 28, 2023

[Editorial] Crypto dispute deepens

In mid-May, Rep. Kim Nam-kuk left the main opposition Democratic Party of Korea after revelations that he had been engaged in suspicious cryptocurrency transactions. But the dispute over the crypto investment is still playing out at the National Assembly -- in an ugly way. There are two interconnected developments that can significantly affect public opinion. First, 11 lawmakers were found to have held virtual assets amid mounting speculation that some of their trades might have caused a conflic

July 27, 2023

[Editorial] Recurrent random attacks

Few situations would cause more anxiety to the general public than one in which anyone can be attacked suddenly in a defenseless state by a total stranger -- for no reason and regardless of time and place. Such a horrible crime recently occurred on a Seoul street in broad daylight. A 33-year-old man surnamed Cho stabbed one pedestrian to death and injured three others in an alley in a shopping district near Sillim Station in Seoul at around 2 p.m. on July 21. The rampage happened for three or fo

July 26, 2023

[Editorial] Protect teachers' rights

South Korean teachers have been confronting a growing number of unruly students and overprotective parents resorting to frivolous lawsuits over legitimate classroom interactions. No wonder, then, many teachers feel overstressed and under extreme pressure, some even reconsidering their choice of profession. Against this backdrop, some 5,000 teachers and education university students took to the streets Saturday, calling for a set of measures to guarantee teachers’ rights and protect them fr

July 25, 2023

[Editorial] Foregone conclusion

The state audit agency announced inspection results last week showing that the previous Moon Jae-in administration's decision to dismantle three weirs and keep two open indefinitely on the Geum and Yeongsan rivers was made in an irrational and biased fashion following a foregone conclusion. From the beginning, there was no room for the possibility of weir management or maintenance. In May 2017, the Environment Ministry formed a four-river project evaluation group under the pretext of restor

July 24, 2023

[Editorial] Seek a new option

A tripartite commission representing labor, business and the general public finally set the hourly minimum wage for next year at 9,860 won ($7.8) Wednesday, up 2.5 percent from this year. It is equivalent to a monthly wage of nearly 2.07 million won. The process for determining the minimum wage is always a painful process, but this year proved to be extremely tough. From the outset, representatives from labor and the general public clashed with each other, resulting in the cancellation of the fi

July 21, 2023

[Editorial] Don't pass the buck

The causes and background of the Osong underpass flooding accident in North Chungcheong Province are coming to light in dribs and drabs. Further details will emerge now that the government has launched its inspection, but facts revealed so far show that the anti-disaster response system was not working properly due to insensitivity to safety and complacency. The flooding of the Gungpyeong-2 underpass tunnel in Osong-eup in the Heungdeok district of Cheongju was a fatal accident that could have b

July 20, 2023

[Editorial] Household debt issue

South Korea’s household debt is growing at an alarming pace amid lingering concerns about financial risks that might shoot up depending on a combination of internal and external factors. The debt service ratio, or DSR, for households in Korea stood at 13.6 percent last year, the second-highest among 17 major countries, the Bank of International Settlements said in a report. Australia ranked first with 14.7 percent DSR. The DSR is used as a metric by lenders and borrowers to measure the pro

July 19, 2023

[Editorial] Quick fix won't work

The damage from the weekend's torrential rain is enormous across the country. A dayslong downpour brought mountain slopes crashing down on houses. Swollen rivers burst their banks, inundating villages and farmland. A multipurpose dam overflowed. Regular train services were interrupted. There has been huge property damage, but above all, many people lost their lives. According to the Central Disaster and Safety Countermeasures Headquarters of the Ministry of the Interior and Safety, 41 peopl

July 18, 2023

[Editorial] Medical workers’ strike

Unionized medical workers ended their two-day strike Friday, a relatively brief walkout. However, it caused operational disruption at hospitals and much inconvenience to patients across the nation, showing how much damage such a strike could generate -- even in a short period of time. After all, hospitals play crucial roles of treating and saving people in their local communities. Massive disruptions started by a walkout could delay surgical operations and emergency treatment, putting innocent p

July 17, 2023

[Editorial] Boost nuclear energy

The government expressed its intention to construct new nuclear power plants. Minister of Trade, Industry and Energy Lee Chang-yang said in the 29th meeting of the Energy Committee on Monday that it is necessary to consider expanding capacity to supply nuclear energy and hydrogen to meet the increasing demand for electric power. The Yoon Suk Yeol administration scrapped the previous Moon Jae-in administration's policy, which was to phase out nuclear energy in favor of transitioning more rap

July 14, 2023

[Editorial] Absence of oversight

The National Election Commission, whose reputation suffered a serious setback over a nepotism dispute in recent months, is now in hot water again as a new inspection has revealed different types of irregularities. The Board of Audit and Inspection conducted a regular inspection and announced Monday that 128 employees of the election watchdog violated the country’s anti-graft law by misusing taxpayer money. The audit shows that some NEC committees did not pay the non-permanent commissioners

July 13, 2023

[Editorial] Signs of insolvency

Jitters over a run on the Korean Federation of Community Credit Cooperatives, also known as MG Community Credit Cooperatives, are showing signs of calming down. Withdrawals subsided and many of those who rushed to withdraw savings are redepositing them. According to an inter-agency response team, deposit withdrawals from KFCC turned to a downward trend on July 7. They shrank about 1 trillion won ($765 million) from a day earlier. Demand for deposit withdrawal came to a lull about 10 days after i

July 12, 2023

[Editorial] Flawed telecom policy

The Ministry of Science and ICT on Thursday unveiled a set of plans aimed at lowering mobile subscription fees and increasing competition in the telecom market. One key measure is to allow a fourth carrier to enter the mobile telecom market dominated by three players -- SK Telecom, KT and LG Uplus. With a new player in the fray, the government hopes competition among the carriers will intensify in a way that will lead to more affordable monthly subscription plans. The new plan of the ICT Ministr

July 11, 2023

[Editorial] Show proof

The Minister of Land, Infrastructure and Transport Won Hee-ryong said Thursday that he would cancel a project to construct an expressway linking Seoul to Yangpyeong, Gyeonggi Province. The capital is surrounded by the province and the county of Yangpyeong, a subdivision of the province, is east of Seoul. Won’s abrupt declaration was a response to the allegations raised by the opposition Democratic Party of Korea that the ministry rerouted the expressway to benefit first lady Kim Keon Hee&r

July 10, 2023

[Editorial] Relieve anxiety

The government said Wednesday that it respects the outcome of the International Atomic Energy Agency's safety review of the Japanese government's plans to discharge contaminated wastewater from its wrecked Fukushima Nuclear Power Plant into the sea. A day earlier, the IAEA unveiled its final report that Japan's Fukushima wastewater release plan is consistent with its international safety standards. The release cannot be welcome but the reality is that it is difficult for the gover

July 7, 2023

[Editorial] Belt-tightening needed

“Even if we lose the elections, we must push for fiscal soundness,” said President Yoon Suk Yeol while presiding over a national financial strategy meeting with government and ruling party officials on June 28. “The amount of budget cut should be used as a yardstick to assess how innovative ministries are.” Yoon’s remarks can be interpreted as a sign that he is fully committed to tightening the country’s fiscal belt, even though trimming and pruning some nones

July 6, 2023

[Editorial] Political strike

The Korean Confederation of Trade Unions launched a two-week general strike on Monday, demanding the resignation of President Yoon Suk Yeol. It is feared the general strike will dampen any signs of a recovery in exports, which prop up South Korea’s economy. The country posted a trade surplus of $1.13 billion last month, ending a 15-month streak of trade deficit. The confederation threatened to mobilize more than 400,000 of its 1.2 million members to strike, which will rotate among its affi

July 5, 2023

[Editorial] ‘Ghost children’

The National Assembly finally passed the much-delayed bill that requires medical institutions to report new births to the government Friday. As with other hastily arranged legislation, South Korean lawmakers acted only after the nation witnessed shocking events that prompted public outcry. This time, the trigger came from long-concealed crimes against unregistered babies, two of whom were found dead in a refrigerator -- a striking example of fatal loopholes in the nation’s baby registratio

July 4, 2023

[Editorial] Take precautions

China's revised anti-espionage law came into effect on Saturday. Its scope of espionage activities was broadened. Beijing became more powerful than ever to punish what it deems threats to national security. The problem is that the concept of espionage has become ambiguous. Reportedly under the law, "relying on espionage organizations and their agents" as well as the unauthorized obtaining of "documents, data, materials and items related to national security and interests"

July 3, 2023