August 14 Temporary Holiday to Boost South Korea’s Economy
President Park Geun-hye, along with other South Korean officials, has designated August 14 (Friday) a temporary holiday to increase domestic consumption. For three days, visitors will have free access to state-run palaces and museums. The weekend will be a big celebration, with the country commemorating its 70th Liberation Day on Saturday.
Hoping to hit two birds with one stone, the government has made this decision as part of its initiative to enhance the people's nationalism and to encourage domestic consumption. With the economy greatly affected by the MERS outbreak and other external factors, it could use a boost - in the form of a nationwide holiday with plenty of activities and events in store for the public as well as tourists.
"We should make the 70th Liberation Day a turning point to boost the public sense of pride, revive the depressed atmosphere and boost consumers' sentiments", President Park says during the Cabinet meeting on Tuesday.
Apart from the allotted budget, the government has set aside an extra 11.6 trillion won ($9.95 billion) to support the entire weekend event. Finance Minister Choi Kyung-hwan hopes it will increase domestic spending to around 1.3 trillion won. When this happens, local companies will also earn more and will require bigger staffs. In turn, they'll need to hire more employees. He says that the holiday might just encourage a 'halo effect' throughout South Korea.
Next Friday won't be just an extra holiday; it will also be the kickoff of the Korea Grand Sale, which supposedly should start on August 21. There will be many wonderful things happening on this day.
Seoul has a series of events planned for visitors. Travelers won't have to pay motorway tolls and those using the rail can take advantage of discounted tickets. Visitors can check out 15 historic sites and 41 recreational forests free.
The Cabinet will hold another meeting next week to finalize their order on the closure of all public agencies and offices on August 14. Private companies, on the other hand, have the choice to close or operate.