Fixing the economy and shoring up Korea's social safety net will be the key topics of President Moon Jae-in New Year's press conference on Thursday.

According to a presidential spokesman, the conference will be an opportunity to explain the administration's policies for the year, and will largely focus on the economy.

Key economic policies like a drastic minimum wage hike and shorter working week have badly backfired, leaving many of the poorest worse off as employers simply cut their hours or fired them.

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