Bank of Korea predicts growth in the 0% range, why are candidates saying nothing about structural reforms? - Korean media

The Bank of Korea has lowered its growth rate estimate for this year from 1.5% to 0.8%, effectively halving the growth rate.
The growth rate was down 0.2% from the previous quarter. Unless the tariff shock from President Trump eases, the growth rate this year is likely to remain at zero.
The Bank of Korea has cut the base interest rate by 0.25% in an effort to stimulate the economy, bringing the base interest rate down by 1 percentage point from 3.5% to 2.5% since October last year.
Korea is not alone in experiencing a slowdown in growth. The U.S. grew at a negative 0.3% rate in the first quarter (down from the previous quarter).
Last month, the International Monetary Fund (IMF) lowered its forecast for the world economic growth rate this year by 0.5 percentage points from January (3.3%).
The problem is that South Korea's slowdown in growth is structural. Even before President Trump took office, the South Korean economy was showing signs of slowing down, with its potential growth rate falling below 2%.
The imposition of tariffs by the Korean government is just adding insult to injury. However, there are ways to restore growth. Bank of Korea Governor Lee Chang-yong has repeatedly emphasized structural reforms in areas such as labor, education and pensions.
Previously, Lee said, "Trying to solve the stagnant growth rate with short-term policies such as fiscal and monetary policies without structural reform is a shortcut to the country's demise." In February, he said, "We need creative destruction to introduce new industries."
"It was necessary to have new industries introduced, and someone had to suffer, but the social conflict was unbearable, and the pain was avoided, so new industries were not introduced."
Presidential candidates are all making "growth" their top priority in their campaign pledges. Democratic Party candidate Lee Jae-myung has pledged to achieve a potential growth rate of 3% and to achieve "real growth."
The People Power Party candidate Kim Moon-soo pledged to create an "investment-friendly country and business-friendly environment." These pledges are, in a word, empty.
He is not calling for sharing the pain. He is worried that his own votes will be lost. Based on the "Made in 2025" strategy, China is developing the technological capabilities of cutting-edge industries at an alarming speed.
Currently, South Korea's place in the economy is shrinking rapidly. Emergency measures such as supplementary budgets will only increase the national debt and will not be a fundamental prescription for restoring the growth rate.
I hope that the government will implement policies that boldly confront the essence of the crisis facing the country.