Today, our exchange rate hit 1,436.7 won to the dollar. The sharp rise in the exchange rate is largely due to the US government’s strong dollar policy (including the Fed). The US government seems to have judged that by inducing a strong dollar and attracting foreign capital, it can stabilize the volatile US stock market.

Unfortunately, however, the future of the Lee Jae-myung administration is now almost certain. In the future, economic hardship will intensify, and public sentiment will fall apart, and it will be difficult to rule out the birth of another monstrous regime such as the Yoon Suk Yeol regime. This is unfortunate and pitiable. Economic policy authorities are causing economic pain that does not require suffering.

It is repeatedly emphasized, but when the current account is in a chronic surplus. It is a global historical experience that when the exchange rate rises, the export growth rate necessarily decreases, and the growth rate plunges, intensifying and prolonging economic difficulties. There is no single case of opposition.

Conversely, in the case of a chronic surplus in the current account, if the exchange rate gradually falls, the export growth rate has increased significantly in the mid to long term, and the growth rate has also increased, so the people have enjoyed economic prosperity. The opposite case is hard to find.

Please, I hope that the economic officials will come to their senses now. Taiwan has implemented a policy to induce its currency value to be strong, and its growth rate is expected to exceed 5% this year. On the other hand, Korea’s growth rate is unlikely to be less than 1% due to the high exchange rate policy. Isn’t Korea and Taiwan’s economic conditions similar.

Can’t President Lee Jae-myung completely replace the current economic team? The economic hardship is getting worse, and it is certain that it will be even more so in the future.