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Umbrella corporation font download11/3/2023 Economic forecasters say Korea will remain in the doldrums for a long time. ![]() The nation's growth rate is the lowest it has been since the 1997 Asian financial crisis and the 2008 global financial crisis. faces one of its darkest economic moments. These reforms are faltering at a time when Korea Inc. Education reform has yet to take the first step amid rising confusion about the college entrance system. The limbo will likely continue until after the parliamentary polls next April. ![]() Pension reform is also drifting into a gridlock because the government cannot persuade people to pay more yet receive less. Behind the failure is Yoon's unwarranted pro-business policy and hatred of center-left unionism. Now, even the more moderate of the two umbrella unions refuses to talk with the government. However, its attempt to introduce a maximum 69-hour workweek and demand more accounting transparency by large unions led to resistance against labor repression. The Yoon administration tried to enhance labor market flexibility and address the excessive power of labor unions. However, none of these structural reforms are getting anywhere. Upon taking office 17 months ago, President Yoon Suk Yeol vowed to reform three areas: labor, pension and education, in order to ensure Korea's long-term growth. Drifting reforms : Yoon must look beyond parliamentary elections
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