The economy is part of the fabric of everyday life. Economic vitality is about rejuvenating people’s lives. The economy can truly regain vitality when businesses become vibrant and income and consumption among the middle class and ordinary citizens start to rise. To this end, bold actions based on empirical reasoning are necessary. If we keep dithering, the consequential costs will be borne in their entirety by the people.

First of all, I want to emphasize once more that the creation of new industries and jobs will begin by boldly reforming regulations that hinder progress. Creative private sector ideas and technologies should be allowed to leap over regulatory barriers and inject vitality into the economy. To make this happen, I want necessary measures implemented at a good clip to create an innovation-friendly economic environment. 

I also call upon the National Assembly to pool its efforts so that bills related to innovative growth can be passed as soon as possible.

In addition, I ask for bold investments in infrastructure rooted in daily lives. I look forward to audacious expansion of investment in such neighborhood infrastructure as libraries, sports facilities, childcare centers and cultural facilities that will help improve the local residents’ quality of life.

Unlike past infrastructure projects, this is an investment in people, not in civil engineering programs. This could have the effect of killing three birds with one stone: improving the quality of life, promoting balanced regional development and increasing employment. 

My Administration’s five welfare policies—Moon Jae-in Care to expand medical insurance coverage, the strengthening of state support for dementia patients, after-school care for primary school students, childcare benefits, and an increase in the basic pension for the elderly—will hopefully be carried out without any glitches. In addition, I hope that this will go hand in hand with efforts to create more social service jobs.  

I ask you to take special interest in continuously expanding the social safety net with a view toward easing the burdens people feel from economic reforms. We should be able to at least give people hope that our economy is reviving. I ask all economic policy teams within the Government to gather strength and press on harder to eliminate concerns over an economic slowdown and breathe vitality into our economy.