The government has reportedly decided not to designate May 2 as a temporary holiday.

If May 2 had been designated as a temporary holiday, it could have resulted in a maximum of six consecutive days of holiday from Labor Day on May 1 to the alternative holiday on May 6. However, the expectations of office workers have been dashed.

According to Seoul Economic Daily on the 23rd, "The Ministry of Economy and Finance has stated that the government has decided not to designate May 2 as a temporary holiday." The official from the Ministry of Economy and Finance mentioned, "We are not considering designating May 2 as a temporary holiday at all."

Skeptical views on the effects of temporary holiday designation

It is analyzed that the background for the government's abandonment of the May 2 temporary holiday designation is a significant judgment that the effect of stimulating domestic demand from temporary holiday designation is minimal. The belief is that the effect on domestic demand from the temporary holiday designation is marginal.

Earlier this year, January 27 was designated as a temporary holiday for the Lunar New Year, but it resulted in only an increase in overseas travel demand, leading to criticism that it was a policy failure.

According to statistics, the number of domestic travelers leaving the country during the Golden Holiday created by the January temporary holiday was 2,975,191, which represents a 7.3% increase compared to the same month last year (2,773,675) and a 9.4% increase compared to the previous month (2,718,637).

In contrast, the preliminary data from the Statistical Office's Nowcast indicated a 34% decrease in domestic credit card usage during January 24-31, which included the temporary holiday.

The burden of consecutive temporary holiday designations and considerations from the education sector

With the early presidential election day on June 3 already designated as a temporary holiday, the prospect of designating temporary holidays two months in a row is seen as a burden for the government.

Furthermore, within the government, difficulties faced by the education sector due to disruptions in academic schedules and the inconveniences experienced by parents due to gaps in childcare were also important considerations.

Another official from the Ministry of Economy and Finance explained, "Discussions for a temporary holiday designation should have already started," stating that "it is already challenging to make a designation at this point in the decision-making process."

Image sources: Naver Calendar capture, AI image for the understanding of the article / bing image creator