[Editorial] ‘Great Economic Leap’ Cannot Be Achieved by Words Alone

The Democratic Party of Korea (DPK) and the government held a party-government consultation on the 7th ahead of announcing the '2026 Economic Growth Strategy.' They also agreed to develop plans to strengthen semiconductor industry competitiveness and foster new growth industries such as the defense industry and K-Culture. The ruling party requested the government to prepare bold and concrete growth strategies for a great economic leap, and stated that the party would swiftly establish a basic plan to enhance the competitiveness of the semiconductor industry.
The idea of making 2026 a year of great economic leap was mentioned by President Lee Jae-myung. Economic recovery and advancement are universally desired and should be a top priority for both the government and the ruling party. There is no need to emphasize this further. The real issue is effective implementation. The government must establish feasible policies, and the party should support them through legislation. However, such meetings often come across as mere rhetoric, which reflects a lack of confidence in their ability to deliver.
To turn distrust into trust, the ruling party and the government must shift their policy approach. In reality, it is businesses that drive the economy. The environment must be created so that companies can operate freely. While it is undeniable that the government is pursuing policies to support businesses, such as improving the economic criminal system and easing regulations, the overall policy direction still leaves much to be desired.
The so-called Yellow Envelope Act, set to take effect in March this year, is already causing concerns among businesses regarding labor-management relations. Companies that should be focusing on technological development and sales activities are likely to spend excessive time and effort resolving labor disputes. From the perspective of businesses, the proposed amendments to the Commercial Act also contain several harmful provisions that could undermine management rights.
The mention of swiftly establishing a basic plan to strengthen the competitiveness of the semiconductor industry sounds naive. Such a plan should already be completed and in operation. It is questionable whether the ruling party realizes how belated this statement is. One wonders if they understand the reality of companies racing against time to build factories and produce cutting-edge products as soon as possible. This disconnect is why the Semiconductor Special Act has yet to be passed.
Leap or growth cannot be achieved with flashy words. Rather than dressing things up with impressive language, the government must provide genuine support to businesses. Authorities should always listen to and address the difficulties companies face. This is a responsibility shared by both the government and political parties. Of course, the government must closely monitor global economic and industrial trends, formulate both long-term and short-term plans with precision, and ensure steady progress.
Every administration tends to prioritize policy promotion with grand numbers, focusing more on form than substance. Achieving a great economic leap in the new year would be ideal, but accomplishing such a leap in just one year is unrealistic. The very expression smacks of populism. Many will recall the Lee Myung-bak administration's '747 Plan' (7% growth, $40,000 per capita income, seventh-largest economy in the world). The public was filled with hope, but none of the three goals have been achieved to this day.
There is nothing wrong with shouting slogans. However, if they are populist catchphrases that mislead public sentiment, it is better not to use them at all. What matters is to steadily implement practical measures, starting with small steps. The first task should be to identify why Korea's growth rate is the lowest in Asia. If the country fails to escape low growth again this year, someone will have to take responsibility.