Korea Update: THE FIRST YEAR OF THE YOON ADMINISTRATION AND ITS IMPLICATIONS

May 10, 2023 marks the first anniversary of the Yoon Suk Yeol administration.

The Yoon administration came into office in the midst of heightened global uncertainties such as the war in Ukraine, global supply chain restructuring, growing protectionist trade policies driven by the US-China tensions, and global interest rate hikes. The Yoon administration has forged ahead by implementing a range of policies – both foreign and domestic – over the past year to prevent economic recession and foster the growth of the core national strategic industries. With respect to foreign policies, the current administration has (i) bolstered the Korea-US alliance; (ii) resumed the Korea-Japan “shuttle diplomacy”; and (iii) strengthened the Korea-US-Japan trilateral diplomatic ties. On the domestic front, the Yoon administration’s policies align with its three key reform agendas: (i) labor and employment; (ii) pension; and (iii) education.

In the face of the pending 22nd general elections on April 10, 2024, the Yoon administration’s policies and reform agendas are expected to be confronted with considerable hurdles in navigating the looming challenges of the current political climate. In particular, as it relates to governmental policies subject to legislation amidst the tug-of-war between the ruling and opposition parties, the Yoon administration’s proposed legislative agendas may continue to be stalled.

Against this backdrop, we have prepared this report providing our analysis and outlook on the key policies and reform agendas of the Yoon Suk Yeol administration during his inaugural year. This report covers key sectors including the following: Economy, Finance, Real Estate, Industry-Specific Developments, Environment & Energy, Labor, Pension, Education, and Criminal Justice.

By Yulchon, Korea, a Transatlantic Law International Affiliated Firm.

For further information or for any assistance please contact korea@transatlanticlaw.com

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