(LEAD) Yoon pledges to pursue economic policies centered on private sector-led growth and deregulation

(ATTN: ADD more information from paragraph 5; CHANGE photo)

SEOUL, June 16 (Yonhap) — President Yoon Suk-yeol said Thursday that his government will pursue economic policies centered on private sector-led growth and deregulation to overcome the multifaceted economic crisis.

Yoon made the remarks during a meeting on the direction of the new government’s economic policy, during which the officials drew up economic plans for the next five years.

“Our economy is facing severe internal and external conditions,” Yoon said. “We must address the chronic problems of low growth and polarization by rapidly expanding our economy, while overcoming the current crisis in people’s livelihoods.”

The Yoon administration’s economic policy roadmap comes amid growing concerns about a global economic slowdown and higher inflation.

To overcome the crisis, Yoon said the country should put the private sector and the market in the driver’s seat.

“I have repeatedly stressed that I will respect the freedom and creativity of the private sector,” he said. “We will boldly improve systems and regulations that undermine business competitiveness and stifle entrepreneurship, while taking action against unfair practices that disrupt marker order in accordance with laws and principles.”

Yoon added that the government “will do everything it can” to support research and development (R&D) activities in the country’s key industries, such as semiconductors, and nurture talent, stressing that it will not can no longer ignore the contraction in private investment and productivity.

He also promised not to ignore “structural problems in society” and called for reforms in the labor market, as well as education and pension systems.

“For a government that thinks of the future, this is the right way to go, and I think the political community will cooperate in a bipartisan way,” he said. “The price, interest rate and housing issues that people are currently facing need to be addressed urgently.”

The presidential office said participants in the meeting included 21 experts from various sectors, including those from startups, corporate lobby groups, universities and private research institutions.