President Yoon Suk Yeol has vowed to overcome economic crises by seeking structural improvements led by the private sector and the market.

Laying out economic policies of his government on Thursday, Yoon assessed that Korea faces grave internal and external economic conditions, saying the country's economy is shaking amid multiple crises as stagflation looms.

He stressed that to overcome the crises, the economic structure must undergo reform led by the private sector while scrapping all unnecessary regulations and old customs that hamper innovation, emphasizing that the government's role is to foster new industries and talent.

He added that his administration will take bold action to improve regulations that undermine corporate competitiveness while punishing unfair practices.

He also touched upon the issues of labor, education and pension reform, saying he will not ignore the perpetuating structural issues of Korean society.