Moon Jae-in Announces 'Korean New deal"

#. Moon Jae-in Announces 'Korean New deal"

 

Korea has received a lot of compliments for its handing of the coronavirus crisis so far.

But like the rest of the world, the country still has a long road ahead when it comes to restarting the economy.

According to statistics, the national economy shrank by 1.4 percent in the first three months of 2020.

The situation worsened in April as the coronavirus pandemic spread throughout the world.

From April 1 to 20, exports dropped by about 8 billion dollars, or 26.0 percent compared to the same period in 2019.

Semiconductors and automobiles, which make up a large portion of the country's exports, were also hit hard by the lack of demand overseas.

To counter this downward trajectory, the Moon Jae-in administration announced that it would introduce various plans to boost the economy.

The plans were dubbed the "Korean New Deal" by the president, after the New Deal economic program in the United States in the 1930s.

Similar to the U.S. plan to fight depression nearly a century ago, the main goal of the Korean New Deal will be to protect the job market.

As part of these efforts, the Moon administration announced plans to create 500,000 new jobs within public companies.

It will also invest 10 trillion won to help struggling companies keep their employees.

"There must be jobs in order for people to have lives and participate economically," Moon said.

Overall, the Korean New Deal added 85 trillion won to the national plan to overcome the coronavirus crisis.

Other details concerning the Korean New Deal are expected to be decided by the Blue House in the coming months.

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depression @ dɪˈpreʃn 1.우울증   2.우울함, 암울함   3.불경기, 불황

Similar to the U.S. plan to fight depression nearly a century ago, the main goal of the Korean New Deal will be to protect the job market.

The country was in the grip of (an) economic depression.

@ in the grip of something ~에 시달리는

 

dub @ dʌb 1.별명을 붙이다   2.(영화 등을 다른 언어로) 재녹음하다   3.더브(비트가 강한 서인도 제도의 음악시)

The plans were dubbed the "Korean New Deal" by the president, after the New Deal economic program in the United States in the 1930s.

The Belgian actor Jean Claude Van Damme has been dubbed ‘Muscles from Brussels’. 

 

administration @ ədˌmɪnɪˈstreɪʃn 1.관리 (업무)   2.집행   3.관리직(원들) (특히 미국의) 행정부

To counter this downward trajectory, the Moon Jae-in administration announced that it would introduce various plans to boost the economy.

Successive administrations have failed to solve the country’s economic problems. 

 

counter @ ˈkaʊntə 1.계산대; 판매대   2.= worktop   3.반박하다

To counter this downward trajectory, the Moon Jae-in administration announced that it would introduce various plans to boost the economy.

 

@ trajectory trəˈdʒektəri 탄도, 궤적, 궤도

 My career seemed to be on a downward trajectory

a missile’s trajectory

 

@ downward |daʊnwərd 아래쪽으로 내려가는, 하향[하강]의

the downward slope of a hil

the downward trend in inflation 

 I tried to argue but he countered that the plans were not yet finished.

Such arguments are not easily countered.

 

shrink ʃrɪŋk  - shrank - shrunk 1.(옷을 뜨거운 물에 빨거나 하여) 줄어들다; 줄어들게 하다   2.(규모양이) 줄어들다   3.정신과 의사; 심리학자

According to statistics, the national economy shrank by 1.4 percent in the first three months of 2020.

My sweater shrank in the wash

The tumour had shrunk to the size of a pea. @ tumour │tuːmə 종양