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Yesterday (4th), the heads of economy and finance gathered in one place and emphasized the need to manage risk well in difficult times.
The government explained the crisis situation by saying that it would come up with countermeasures, but it also means that low-income families with a lot of debt and the self-employed need to be prepared.
Reporter Im Tae-woo reports.
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Mr. Kwon Hyuk-jun, who runs the giblets shop, is worried about the coming of September.
That's because the action that delayed repaying the principal and interest on the self-employed loan is due to end then.
Then, starting in October, he has to repay the principal and interest of 1.8 million won to the bank every month, but the situation is tight due to the high inflation.
[Kwon Hyuk-joon/President of the gopchang shop: Vegetable prices have risen a lot now, but 1.8 million won a month is not a small amount of money, so it is difficult.]
Such loans for self-employed people increased by 40% compared to just before Corona, reaching 1,000 trillion won. However, there are concerns that it will become a deterrent to private lending in a period like these days when interest rates rise.
The Bank of Korea has diagnosed that if measures such as repayment deferrals are removed, self-employed people will, on average, spend 46% of their income on debt payments next year.
Heads of finance, including the Deputy Prime Minister of Economy and the Governor of the Bank of Korea, gathered together yesterday and emphasized that they would come up with measures to prevent such economic risks.
When a recession approaches and money doesn't flow well, it's likely that the fast-calculating financial industry will tighten up loans more stringently.
The government is planning to come up with measures such as extending the loans to self-employed people to a maturity of 20 years, but additional measures must be taken to ensure that the burden of repayment of loans does not lead to an economic crisis.