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    Home / News / World News / As economy struggles, S-Korea's President sacks Finance Minister, Policy Chief
    As economy struggles, S-Korea's President sacks Finance Minister, Policy Chief
    1/5
    World 2 min read

    As economy struggles, S-Korea's President sacks Finance Minister, Policy Chief

    By Garima Bora
    Nov 09, 2018
    05:28 pm
    As economy struggles, S-Korea's President sacks Finance Minister, Policy Chief

    South Korea's President Moon Jae-in sacked his top two economic officials today, the government said, as the world's 11th largest economy struggles with slowing growth, rising unemployment, and persistent income gaps. Finance Minister Kim Dong-yeon and Presidential Chief of Staff for Policy, Jang Ha-sung, have both been replaced. The pair had reportedly been at odds with each other over how to address the situation.

    2/5

    Youth joblessness at its highest since 1999 at 9.4%

    As an aftermath of economic struggle, the Central Bank of Korea, last month, had cut its growth forecast for 2018 to 2.7%, down from 3.1% achieved in 2017. Unemployment jumped 0.4 percentage points to 3.8% in Q3, with youth joblessness at its highest since 1999 at 9.4%. Kim called for redistributive policies to be rowed back, while Jang wanted to stick with pursuing equality.

    3/5

    Kim replaced by bureaucrat, Moon's social affairs adviser succeeds Jang

    Acting on the tiff between Kim ang Jang, Moon replaced Kim with Hong Nam-ki, a veteran bureaucrat, while Jang was succeeded by Kim Soo-hyun, currently Moon's top social affairs adviser. Notably, Moon's administration has steeply raised South's minimum wages, cut working hours and converted temporary staff to permanent in a series of redistributive moves it says will lead to what it calls "income-led growth".

    4/5

    Moon administration moves have had the opposite effect

    It's a marked change from the previous growth model, driven by exports and investments by the South's major companies, that has seen it rise to become Asia's fourth-biggest economy. However, critics say the moves have had the opposite effect, worsening the situation of many low-income earners and seeing small businesses cut staff, while big firms hold back investment in the face of tougher regulation.

    5/5

    Is Moon failing in handling the economy crisis?

    Some international study experts say Moon's, the 19th President of S-Korea, global profile has been dominated by his role in the rapid diplomatic rapprochement with nuclear-armed North Korea, but at home his handling of the economy has become increasingly controversial, contributing to falling poll ratings.

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