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Economic Worries Bring South Korea’s Moon Down to Earth

WSJ Original article ›
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South Korean president Moon Jae-in sees his popularity drop from a high of 83% with the outreach efforts to North Korea, to 60% by July 2018 with concern about the economy. Presdent Moon-Jae-in made a campaign pledge for $9 minimum wage by 2020. Recently the minimum wage was increased by about 11% for 2019 after a 16% increase for 2018. Job growth slowed from 836,000 in first 6 months of 2018 compared to 2.15 million for the prior year.

Critics say the increase affects mom and pop small business and results in slower job growth. Youth unemployment is at 9%.

Moon's 83% approval rating is still unusual for South Korea. The opposition conservative party has only 14% approval rating and the previous democratically elected presidents left office with 30% approval.



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