Priyanka Tiwari
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Suspense crime, Digital Desk : South Korea's newly elected President Lee Jae-myung wasted no time after his inauguration, conducting the first cabinet meeting to discuss the slow economy and rising household debt. The meeting was dedicated to one of the campaign promises: the implementation of an emergency financial stimulus package.
Bold and Swift Action After an Uncommon Absence of Power Shift
Lee formally took over the presidency on Wednesday after the abrupt removal of Yeon Suk's previously controversial President Yoon. Yeon was controversially imposed to martial law in an attempt to prolong his time in office. This led to immense public outrage and the in Soeos anougim was subsequently impeached which led to a snap election.
Lee addressed the cabinet which had been conservatively borrowed from the caretaking government. During the meeting he reemphasized his stance on the economy and promised action towards resolving it. In his own words 'There is no time to waste, people are suffering', he said.
Plans Set In Motion While The Office Remains a Disary
“The presidential office is like a graveyard,” is something that Yeh Chang allowed himself to say describing the state of the office post Lee's victory. As expected, the office had been robbed off of computers, printers and even basic supplies. Basic government staff being shifted also showcases the relative power shift.
In what appears to be a mis-timed holiday, alongside the previously altered government positions, Lee has also put forward Kim Min Seok for Prime Minister adding fuel to the frequent changing political Mayhem.
22 Billion Dollar Revised Spending Initiatives to Further Propel Growth
Lee disclosed a $22 billion stimulus plan in response to the central bank slashing its expected GDP growth for 2024 to 0.8%, down from 1.5%. He announced an emergency fiscal package of 30 trillion won, or roughly $22 billion, to help propel growth.
Kim Min-seok appointed prime minister claimed the increased external challenges for South Korean exports, including rising U.S. trade tariffs on South Korean cars, electronics, and steel, makes the emerging economic difficulties more serious than the 1997 Asian financial crisis.
Managing Domestic Recovery and External Stressors
Amid spending restraints set by the new president, analysts argue that this is the toughest scenario any South Korean leader has confronted in years. These include recovering from a period of attempted martial law and restoring weakened political stability, counterbalance an idling economy, and face an intricate global trade relations environment of deepening American protectionism.
In what appears to be Lee’s initial move, he called the commander in chief of South Korea, reinforcing the perception that he intends to pour more resources to national security and to governance.
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