(EDITORIAL from Korea JoongAng Daily on Aug. 7)

The government of South Korea has defended its economic fundamentals in response to criticism over the stock market's extreme volatility, but its approach has largely missed the point. While officials highlight the country's strong economic indicators, they have failed to address concerns over flawed policymaking and weak accountability that have contributed to the market's instability.

This deflection mirrors past arguments before the 1997 financial crisis, which claimed that the economy's fundamentals were sound despite warning signs. The government's response has been criticized for its lack of transparency and accountability, with calls growing for a thorough investigation into the introduction of high-risk financial products and potential vulnerabilities.

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