Choi Sang-mok, acting president and Deputy Prime Minister for Economic Affairs and Minister of Strategy and Finance, stated today (2nd) that they will reassess the overall economic conditions in the first quarter and consider additional economic support measures if necessary.
In his opening remarks at the economic ministers’ meeting held this morning at the Government Complex in Seoul, Acting President Choi said they will take into account the significant domestic and international uncertainties, such as the policy developments of the new U.S. administration and the state of the livelihood economy.
Acting President Choi noted, “This year, our economy is expected to face unprecedented domestic and international uncertainties due to the inauguration of the new U.S. administration and the intertwining domestic political situation,” adding, “The growth rate is anticipated to drop to around 1.8%, exacerbating the difficulties in people’s livelihoods and raising concerns about the impact on external credit rating.”
He emphasized a full commitment to recovering the livelihood economy, explaining, “We will fully mobilize public resources to implement an 18 trillion won economic support package and push for a ‘Rapid Support for Livelihood’ project at an unprecedented scale and speed.”
He also committed to actively supporting the recovery of domestic demand in areas such as consumption, construction, and regional economy, especially stressing efforts to restore consumer confidence.
To manage external credit ratings, he stated, “We will smoothly proceed with the inclusion in the World Government Bond Index (WGBI) and the value-up program, and provide exceptional cash grants and tax benefits for foreign investment,” asserting, “In cases of increased volatility in the financial and foreign exchange markets, we will stabilize the market through bold and swift actions.”
[Photo Source: Yonhap News]
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