SEOUL: South Korea's leading newspapers focused on a variety of key issues on October 31, 2023, including concerns over the government's welfare budget, challenges facing small businesses due to high interest rates, and political statements by notable figures regarding state reform.
According to Yonhap News Agency, Kyunghyang Shinmun reported that the welfare budget has seen a modest increase of only 12 percent in the government's overall budget for 2024. This comes as South Korea grapples with societal issues such as an aging population and the economic fallout from the COVID-19 pandemic.
Kookmin Daily and Donga Ilbo both featured stories on the financial difficulties of small businesses. Kookmin Daily highlighted that small businesses are struggling to repay bank loans due to high interest rates. Donga Ilbo reported a statement from Yoon, who characterized the relationship between small businesses and banks as one of "servants to masters," emphasizing the power imbalance exacerbated by high interest rates.
Seoul Shinmun and Segye Times focused on political statements by Yoon, who is advocating for significant reforms. Seoul Shinmun reported that Yoon called for breaking down the "concrete wall" between high-ranking officials and the general populace. Segye Times featured Yoon's commitment to complete the reform of the state pension fund, a topic that has generated significant debate and controversy in recent years.
Multiple outlets, including Chosun Ilbo, JoongAng Ilbo, Hankyoreh, Hankook Ilbo, and Korea Economic Daily, reported that the ruling People Power Party is seeking to incorporate various cities into Seoul, including Gimpo, ahead of the general election next year. The proposed incorporation has the potential to reconfigure the political landscape and demographics of the Seoul metropolitan area.
In the business sector, Maeil Business Newspaper reported that the board of Asiana Airlines has yet to reach a decision on the sale of its cargo business division, raising questions about the company’s future strategic direction.
English-language newspapers also touched on important issues. Korea JoongAng Daily reported that Yoon rejected the Democratic Party's criticism of the government's "vague" pension reform plans. Korea Herald highlighted that the low birth rate is contributing to an increase in the number of working women in their 30s. Korea Times noted that Korea is planning to establish a roadmap for Mars exploration, signaling a future focus on space exploration.