[News Today] 6-DAY LUNAR NEW YEAR HOLIDAY

[LEAD]
As concerns over economic slowdown and weak domestic consumption grow, government and ruling party officials have launched urgent measure discussions. They've declared January 27th, the eve of the Seol holiday, a temporary public holiday to promote tourism and local spending. A ten trillion won supply chain fund will be also implemented.

[REPORT]
The first high-level government and ruling party officials' meeting under acting president Choi Sang-mok was held Wednesday.

The top agenda was economic stabilization for the sake of the livelihood of the people.

It was decided at the meeting that January 27th, the eve of a three-day Seol holiday, would be designated a temporary holiday.

A maximum six-day holiday aims to energize the tourism industry and promote local spending.

Kim Sang-hoon / Chief policymaker, PPP
A temporary holiday was found to have generated KRW 4.2 tn(USD 28.5 bn) in economic production, KRW 1.63 tn (USD 11.1 bn) in added value.

A meeting to stabilize consumer prices and supply high-demand commodities was held today, January 9th.

The ruling People Power Party and government leaders also discussed ways to deal with outside shock factors, including the inauguration of the second Trump administration.

The Korea Trade Commission will be expanded and reorganized to prevent the overflow of cheap imports, and a supply network fund amounting to ten trillion won, over 68.8 billion U.S. dollars, will be mobilized.

A government-wide economic discussion will be held every week to respond to the American imposition of universal tariffs and other issues as well.

Choi Sang-mok / Acting President
Changes in U.S. economic policies will be a key factor to determine the course of the Korean economy.

The government and the ruling party leaders decided to further strengthen governmental and parliamentary communication with the United States.

The PPP also asked the acting president to appoint the currently vacant defense minister and interior and safety minister to stabilize state affairs as soon as possible.