[Editorial] Gloomy growth outlook

Local economic research institutes have recently suggested gloomier outlooks for next year’s growth of Korea’s economy than the target set by the government.The Korea Development Institute, a major state-run think tank, last week cut its growth projection for 2015 from 3.8 percent to 3.5 percent, warning even this reduced goal might not be reached due to growing downside risks. The average forecast made by 17 research institutes here over the past month projected Asia’s fourth-largest economy to

Dec. 14, 2014

[Editorial] Now is time to act

The fate of the nine young North Korean defectors who were caught by the Laotian authorities and repatriated to North Korea via China in May 2013 is receiving renewed attention after Pyongyang earlier this week released undated video footage of four of the defectors.The release of the 25-minute video showing four youngsters studying at a prestigious middle school followed a claim by Park Sun-young, a North Korean rights activist, last week that two of the nine defectors, also known as the Laos N

Dec. 12, 2014

[Editorial] Make safety a priority

Lotte World Tower & Lotte World Mall is at the center of yet another safety controversy, this time, over water leakage at the Lotte World Aquarium.The Ministry of Public Safety and Security ordered a comprehensive safety inspection of the aquarium after a five-hour government safety inspection Wednesday found two more leaks in addition to the original one in the main aquarium tunnel. The inspectors said that while the leak was thought to stem from faulty application of sealant between the acryli

Dec. 12, 2014

[Editorial] Incentives for North Korea

A senior Seoul official recently said South Korea was willing to provide North Korea with incentives if necessary to resume the reunions of separated families. The official, who spoke on condition of anonymity, did not elaborate on what the South could offer, saying all pending inter-Korean issues could be discussed in a comprehensive way.His remarks were interpreted as suggesting Seoul’s willingness to lift a set of sanctions it imposed on Pyongyang after the North’s 2010 deadly sinking of a So

Dec. 11, 2014

[Editorial] China’s impact

In a statement issued after its meeting last week, the powerful politburo of China’s ruling Communist Party said the government would keep the economy operating “within a reasonable range” next year. This position set the tone for economic policies for 2015, which were mapped out at the closed-door Central Economic Work Conference that began Tuesday.Although its conclusions are likely to be formally unveiled in March, economists have expected China’s policymakers to lower the official growth tar

Dec. 11, 2014

[Editorial] Another quarter-century

The Korea-ASEAN Commemorative Summit opens in Busan on Thursday, bringing together leaders of 10 Southeast Asian countries and about 3,000 officials, businesspeople and other delegates. The second summit between Korea and the Association of Southeast Asian Nations commemorates the 25th anniversary of the establishment of relations between the two sides. The summit, which will be accompanied by business and cultural events, could not come at a better time, as the two sides need a fresh impetus to

Dec. 10, 2014

[Editorial] Tall order

A presidential committee has unveiled a package of proposals to reform local autonomy, some of which will shake it up at a fundamental level. The panel, headed by former governor of South Chungcheong Province, Sim Dae-pyung, proposed, among other things, that the local councils at the county and gu (district) levels be abolished in Seoul and five other metropolitan cities. It also suggested that in all but Seoul of the six major municipalities, chief district administrators be appointed by the m

Dec. 10, 2014

[Editorial] Another accident at sea

On Dec. 1, the country was hit with news of yet another disaster at sea. The 1,753-ton Oryong 501 carrying 60 crewmen went down in the western Bering Sea in bad weather. So far, seven have been rescued, 27 bodies have been recovered and 26 are still missing. Even as the search and recovery operations are carried out by Russian and U.S. authorities and two Korean Naval maritime patrol aircraft, disturbing news of disregard for safety show us little has changed since the Sewol ferry sinking in Apr

Dec. 9, 2014

[Editorial] Break old habits

Old habits die hard. The latest kickback scandal involving the country’s oldest pharmaceutical company and hundreds of medical doctors demonstrates that even strict laws can fail to prevent wrongdoings if the perpetrators enjoy a history of benefiting from the illegal activities and if they believe they will not be caught.DongWha Pharmacy, the country’s first pharmaceutical company founded in 1897, is suspected of having provided rebates worth more than 5 billion won to 923 hospitals and clinics

Dec. 9, 2014

[Editorial] Opportunities abroad

More than half a million college graduates enter the labor market annually in Korea, and just half of them succeed in landing jobs. Many of the new employees with college diplomas are overqualified for their work. Employment experts estimate that less than one-tenth of university graduates in the country find the jobs they want at large private businesses, public corporations and government agencies.Surely, it is necessary to strengthen efforts to create more decent jobs to resolve this job mism

Dec. 8, 2014

[Editorial] Household income

Data released last week showed more households in the country have gone into debt in recent years, with their income having stagnated.Nearly 30 percent of households without borrowing from banks in 2012 have since become indebted, according to an analysis by the national statistics office.The increase in the number of indebted households is attributed partly to lower interest rates and eased regulations on lending. But most households are also struggling with stagnating income.According to figur

Dec. 8, 2014

[Editorial] Long way to go

Korea joins the world in commemorating International Anti-Corruption Day on Tuesday. Given that corruption is still pervasive in this society, the anniversary should provide an occasion for Koreans to renew their commitment to fight the social ill. It is all the more necessary because this year Korea suffered a lot from the consequences of failure to curb corruption ― the tragic Sewol ferry disaster, a series of graft scandals involving defense procurement programs and cases in which politicians

Dec. 7, 2014

[Editorial] Remove cronies

Politics, in itself, is about taking and exercising power, and it is often accompanied by gambits, intrigue, mudslinging, lies and betrayals. Yet, one cannot help but feel bitter as the scandal surrounding President Park Geun-hye’s former and incumbent aides is getting out of hand, revealing many dirty aspects of politics. The core issue in the snowballing scandal is whether or not President Park Geun-hye’s former aide, Chung Yoon-hoi, peddled influence behind the scenes in collaboration with a

Dec. 7, 2014

[Editorial] Squandered state subsidies

Parties wrangled until the last minute over how to fund the cost of expanding the free child care program to include children aged 3-5 before passing the budget for next year by the Dec. 2 legal deadline.The main opposition New Politics Alliance for Democracy demanded the government shoulder the full amount estimated at 523 billion won ($470 million), while the ruling Saenuri Party insisted on having the administration cover only what regional education offices could not afford. They eventually

Dec. 5, 2014

[Editorial] Multicultural children

It has been repeatedly warned that Korea’s future is being overshadowed by its falling birthrate coupled with a rapidly aging population. Over the past years, the country’s birthrate has remained the lowest among major developed nations, with its population, which now numbers around 50 million, aging at the fastest pace in the world.According to recent data from the national statistics office, the proportion of working-age people ― those aged between 15 and 64 ― in Korea is forecast to decrease

Dec. 5, 2014

[Editorial] End cronyism

The Sewol ferry disaster has led to calls for civil service reforms that targeted, among other things, revolving-door employment. As a result, retired government employees find it much harder to land jobs in the private sector. The problem is that people of another breed ― those who have connections to the president ― are filling the posts, many of which used to be taken by retired bureaucrats. This is more palpable in the finance sector, with the president and her aides regarding it as spoils o

Dec. 4, 2014

[Editorial] Visual effects

The National Assembly endorsed the government plan to raise tobacco tax early this week, allowing the increase of cigarette prices to 4,500 won per pack from the current average of 2,500 won. The Assembly’s relatively quick action stemmed partly from the tobacco tax revision bill’s connection to next year’s government spending plan, which the parliament was obliged to pass by the Dec. 2 legal deadline. Whatever its background may be, it is fortunate that the nation has finally joined the global

Dec. 4, 2014

[Editorial] Cacophony at SPO

A group of Seoul Philharmonic Orchestra employees issued a statement Tuesday calling for the dismissal of Park Hyun-jung, SPO president and CEO, and an investigation into the organization’s personnel mismanagement.Park sexually harassed her female employees on numerous occasions as well as sexually harassing a male staff from another organization, according to the statement. The specific incidents of sexual harassment and verbal abuse cited in the statement are embarrassing to read. Thirteen sta

Dec. 3, 2014

[Editorial] Leak scandal

Key figures in the Blue House document leak scandal are engaged in a war of words even as prosecutors begin to investigate the case.In an interview with a newspaper, Jo Eung-cheon, former presidential secretary for civil service discipline, claimed that he received a phone call from Lee Jae-man, secretary to the president for administrative affairs, in April. Jo said Lee asked him to take a call from Chung Yoon-hoi, a former aide to President Park Geun-hye. Chung, who does not hold an official p

Dec. 3, 2014

[Editorial] Deteriorating conditions

Korea is all set to mark a record high of annual trade volume this year. In the first 11 months of the year, the amount of its exports and imports combined exceeded $1 trillion for a trade surplus of $40.4 billion, according to government figures released Monday.The fastest pace of surpassing the $1 trillion mark was attributed largely to the effect of free trade accords signed with major trading partners, as shown in robust increases in exports to the U.S. and the European Union, which more tha

Dec. 2, 2014