President Moon Jae-in holds a Cabinet meeting, Oct. 23. The President is coming under criticism for his lack of interest in the economy. Yonhap



Kim, Jang's fates hang in balance amid signs of crisis



By Park Hyong-ki



President Moon Jae-in and his economic team are increasingly coming under criticism for his alleged lack of interest in saving the economy while being fixated on reconciling with North Korea.



His nonchalance is making room for more rumors and demands that Finance Minister Kim Dong-yeon and presidential chief policy adviser Jang Ha-sung can't work together. To this end, they are likely to be replaced at the end of 2018, something Cheong Wa Dae denied.



Or else, analysts say the economy will become worse in 2019 as a crisis is brewing amid the onslaught of weak data, including the composite leading indicator (CLI). The CLI, which measures the future of an economic cycle over the next six to nine months, has declined for 17 consecutive months.



"The Moon administration needs to change his team and give full responsibility to a single person who can make decisions and carry out policies after taking into account all factors such as business and labor," said Yun Chang-hyun, an economist at the University of Seoul.



"This should be done as the first step toward restoring confidence amid warning signs of an impending crisis. Otherwise, the economy will be in deeper trouble in 2019."



Some lawmakers including Rep. Yoo Seong-min of the Bareunmirae Party in the latest National Assembly audit have criticized the President for "ruining" the economy.



Yoo said the President's advisers are "arrogant," being "blinded by self-righteous" over his labor-only policy, even though data have clearly shown it has put many of the self-employed out of business and destroyed jobs. Yoo has also criticized the administration for tampering with the central bank's independence over its rate policy.



Yun agreed with Yoo, who also stressed it is time for the people to raise and show their "red cards" to the administration as in a soccer match when a player commits a serious offense.





Finance Minister Kim Dong-yeon, left, and Jang Ha-sung, President Moon's chief policy adviser, hold discussions on the economy at the Financial Supervisory Service's training center, Aug. 29. Courtesy of Ministry of Economy and Finance