Han Kyung-sa: "South Korea's economy depends on alleys and small individual economies" - Lee Jae-myung dines with the people to promote domestic demand

Han Kyung-sa, Seoul, July 12th. South Korean President Lee Jae-myung emphasized on social media on the 12th that "South Korea's economy exists in alleys," and called on citizens to actively go out to dine and support local small businesses and individual operators. The previous night, Lee Jae-myung visited a Korean restaurant near Gwanghwamun in Seoul and had dinner with citizens and Blue House staff, personally practicing his policy to boost domestic demand. During the meal, Lee Jae-myung himself made "makgeolli" (rice wine mixed with beer) for the staff, and clearly stated, "We must frequently go out to dine to promote consumption and drive overall consumer spending." This action is an important part of the series of activities to revitalize the economy before the government issues "recovery consumption coupons." Lee Jae-myung pointed out, "South Korea's economy will only survive when alleys are alive and small individual economies develop," expecting the coupons to stimulate domestic demand, inject warmth into depressed commercial areas, and create a virtuous cycle of economic development. He especially emphasized that the vitality of small restaurants and small-scale businesses is the foundation of South Korea's overall economic development.

According to data from the Korean Statistics Office, micro-enterprises with fewer than five employees account for more than 80% of all commercial institutions in the country, but their closure rates have remained high since the pandemic. Park Sang-hyun, a senior researcher at the Korea Economic Research Institute, pointed out: "The president's advocacy of community consumption has symbolic significance, but the key is whether the coupons can accurately reach the truly struggling small business owners. A similar policy in 2023 led to a short-term increase in consumption of about 1.2 percentage points." Lee Jae-myung promised to "prepare follow-up measures to restore domestic demand in advance," and his team is closely monitoring the actual situation of people's livelihoods to optimize policies.

Original article: https://www.toutiao.com/article/1837445987818761/

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