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Time to turn challenges into opportunities
The New Year has just started, bringing both challenges and opportunities to the country. This is an important year for the people of South Korea who are craving for a return to normal life and a better future, all the more so as they will choose their new leader in the March 9 presidential election.
It is also true that 2022 will be a tough year. The country is expected to face a number of thorny issues such as the resurgence of the COVID-19 pandemic, soaring inflation, global supply chain bottlenecks, climate change, and the escalating Sino-U.S. rivalry.
One of the most pressing tasks is to contain the further spread of the pandemic. The public health crisis has dealt a setback to South Korea although it was lauded for its well-established quarantine system. Now it is time for the country to overhaul its strategy to defeat the coronavirus and go back to normalcy sooner than later. It is also necessary to prepare for times beyond the pandemic.
Equally important is to speed up economic recovery. We cannot normalize our lives without putting the economy back on track. The Ministry of Economy and Finance predicted the economy will grow 3.1 percent this year after enjoying a solid rebound of 4 percent in 2021. But it is no time for complacency as there are many downside risks.
Most of all, policymakers should focus on creating more jobs to improve the people's livelihoods. They also must work out measures to narrow the income and wealth gap between the rich and the poor which has widened following the pandemic. If not, the country cannot achieve inclusive growth, deepening social polarization.
It is imperative to boost the country's potential by developing new growth engines to lead the Fourth Industrial Revolution. The government and businesses need to step up cooperation in order to develop new technologies in promising fields such as artificial intelligence, electric cars, biotech, and renewable energy. Pushing for deregulation and encouraging innovation is also crucial to sustainable growth.
This year will also mark another new beginning. A new administration is expected to be installed in May after a new president is elected in March. Voters should make a wise decision to pick a better leader who can bring hope and prosperity to the country. They must actively engage in the election process to change Korean politics which has long been mired in partisan strife, ideological conflicts, regional animosity and corruption.
However, the ongoing presidential race is not festive in mood. It is marred by a negative campaign between the two leading candidates ― Lee Jae-myung of the ruling Democratic Party of Korea (DPK) and Yoon Suk-yeol of the main opposition People Power Party (PPP). Lee needs to clear up allegations about his involvement in a corruption scandal surrounding a lucrative apartment development project in Seongnam City. Yoon should also give a clear explanation about his alleged misdeeds while serving as prosecutor general.
We urge the candidates to engage in intense competition for better policy proposals. They must go all-out to regain public trust and confidence as voters' antipathy toward them runs deeper than ever before. They should not resort to populism which could end up in democratic backsliding.
Whoever wins the election, the next president should strive to restore democratic values and promote fairness and equal opportunities. The next government must concentrate on boosting social cohesion and national unity. It should not repeat the same mistake of President Moon Jae-in who has failed to keep his promise to create a fair and just society.
On the diplomatic front, the country will meet tough challenges this year amid rapidly changing geopolitical situations on the Korean Peninsula and around the world. The Sino-U.S. strategic competition is feared to become intensified, making it more difficult for South Korea to maintain the balancing act between the two superpowers.
First of all, Seoul needs to strengthen its alliance with Washington to ensure its security, while expanding its ties with China ― its largest trading partner ― for economic growth. This is a daunting task. The Biden administration is likely to put more pressure on Korea to join the U.S.-led international coalition, including the Quadrilateral Security Dialogue (Quad), to contain the rise of China in the Indo-Pacific region.
The 2022 Beijing Winter Olympics could be this year's first test for President Moon who has decided not to join the U.S. diplomatic boycott of the Games. Seoul should take a cautious approach to prevent the decision from turning into a diplomatic row with its traditional ally. It must do its best to avoid being caught in the crossfire between the G2 countries.
Last but not least is how to improve inter-Korean ties and prod the Kim Jong-un regime to move toward denuclearization. President Moon has failed to realize his peace initiative on the Korean Peninsula, despite having summits with Kim and brokering talks between Kim and then U.S. President Donald Trump. It is difficult to see any breakthrough before his term ends in May. So his successor should map out a new strategy to deal with the recalcitrant North.
We can make 2022 a year of hope if we turn all the challenges into opportunities. Let's make a fresh start.
