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Yoon Looking to Boost Consumer Demand.

SOUTH KOREA
  • South Korean President Yoon stated Thursday that the economy is ‘reviving’ and that boosting consumer demand is key to maintaining that momentum.
  • In a speech announcing reforms to the pension, medical, education and labour sectors, Yoon sought to focus on pensions calling for a tiered system to increase sustainability and fairness.
  • In a report published last year by the National Pension Service, forecasts show that if the current pension policy structure remains, the ageing population in Korea will not have sufficient funds to meet their retirement needs.
  • Exact details of how the president seeks to boost consumer demand in the domestic economy are yet to be announced. However, what is known already is that it will result in significant extra bond issuance by the government.
  • Pension reforms could play an integral part in helping the government fund their expansion plans going forward with government bonds forming a key component in asset allocation for pensioners.
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