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S.Korea’s new government to streamline public organisations
Abstract：South Korea’s new government will streamline public organisations, the finance minister said on Friday, citing concerns about efficiency after a rapid expansion in their operations under the previous administration.
The government will cut the number of employees and reduce expenses at the organisations as the first step in a planned series of reform measures, Finance Minister Choo Kyung-ho was quoted in a statement as saying at a scheduled meeting.
President Yoon Suk-yeol, who took office in May, has promised to reform the public sector and said early this month his government would aggressively cut expenditure and sell non-core assets at public enterprises.
The move came as Yoon suffers a sustained decline in approval ratings, with the latest weekly opinion poll from Gallup Korea showing on Friday his approval fell to 28% from 32% a week earlier.
Choo said a total of 350 public organisations were employing 449,000 people as of the end of May and carrying 583 trillion won ($449 billion) in combined liabilities at the end of 2021, up 34% and 17% over the past five years, respectively.
There were concerns among the general public and experts about efficiency and profitability matching the rapid expansion in scale of public organisations, he said.
($1 = 1,298.4200 won)
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The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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Pepperstone Review 2026: Massive Deposit & Withdrawal Complaints Against This Regulated Broker
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