The Korean economy which quietly collapses
http://www.chosunonline.com/svc/auth/index_login.html?contid=2017021980011&code=news
Korea Daily / Japanese edition 2019-02-19
The Korea Financial Commission has announced measures
to reduce or eliminate the principal of debt for basic living recipients
(equivalent to welfare recipients), elderly people,
and long-term debt delinquents whose life is difficult.
It is intended to reduce up to 95 % of the principal
of debt to financial institutions.
The government, which advocates for raising the incomes
of the poor and leading to economic growth,
is to embark on urgent support in response
to the collapse of the economy of low-income households .
Despite critics saying that it may promote moral hazard,
the government has pushed the Tokusei decree to exempt principals up
to 15 million won (about 1.47 million yen)
per person for long-term debt arrears .
The fact that the government has embarked on debt reduction
without hesitation means
that the collapse of the civil economy is so serious .
By raising the minimum wage by 29 % in two years,
the temporary workers, who are jobs of the general population ,
and the daily workers ' jobs have disappeared by 195,000 .
Debt by the commons who suffered from the kitchen made
the household debt even bigger .
More than 22 million debtors suffered from high interest rates
of 20 % or more annually, with debts
from savings banks and other non-banks ( second financial areas).
It is a calculation that there are " dangerous debtors "
in the ratio of 1 in 2 to 3 people .
Among them, 4.12 million have reached the money lender.
The number of self-employed self-employed workers
reached 1 million last year,
and the self-employed's financial debt increased 14 percent
since the Moon Jae-in administration was launched .
There were 4,200 convenience stores that were run mainly
by pay workers who were paying retirement benefits.
It is the largest in ten years since the financial crisis.
The common people who suffered from life canceled their insurance.
The return from insurance cancellations increased by nearly 2 trillion won
in a year, the highest ever recorded .
Insurance is a last resort supporting commoner's life in old age,
but can not afford to think about old age
because it is hardship for the time being.
The amount of past due loans of credit card companies,
which is an indicator that reflects the economic situation
of the common people, is also increasing rapidly .
As of the end of September last year,
the amount of delinquent loans over eight months
by card companies was 1,378.7 billion won
( approximately ¥ 127.0 billion, approximately $ 1,153,700 million ),
an increase of 17.3 % over the same period last year.
Unlike corporate bankruptcy, civil economy collapses silently .
Personal screams do not reach policy makers' ears.
There is no royal road to revitalizing the civilian economy.
We have to change the mood so that the whole economy recovers.
Even though the civil economy is collapsing,
the government does not consider policy amendments,
and reduces debt as a policy.
There is a possibility that we can not keep up with this condition.
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http://www.ekn.kr/news/article.html?no=398456
https://news.v.daum.net/v/20181106030037589
http://www.koreaherald.com/view.php?ud=20181114000854
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