▲ Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol speaks at the Economic and Structural Innovation Ministers' Meeting held at the Government Complex Seoul in Jongno-gu, Seoul, on the 10th.
Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol stated today that "the possibility of achieving a per capita gross national income (GNI) of $40,000 this year has further expanded."
Presiding over a joint economic ministers' and structural innovation ministers' meeting at the Government Complex Seoul, Deputy Prime Minister Koo said, "Second-quarter nominal gross domestic product (GDP) increased by 26.4% compared to the same period last year, recording the highest growth rate in 47 years," and made these remarks.
He added, "The recovery trend of our economy is becoming even more pronounced," noting that "the number of employed persons in August also increased by 184,000, recovering to the high-100,000 range for the first time since the Middle East war."
Based on the second-quarter household trend survey showing income growth centered around vulnerable groups and positive evaluations of the South Korean economy by international credit rating agencies Moody's and Fitch, Deputy Prime Minister Koo emphasized, "Despite difficult conditions, our economy is moving toward a clear recovery and growth more solidly than ever."
He pledged, "Without resting on the laurels of these economic indicator achievements, the government will meticulously design policies so that the public can feel the economic growth," adding, "We will also strengthen efforts to solidly lay the foundation for growth by improving the constitution of our economy through structural innovation."
Deputy Prime Minister Koo, along with ministers and vice ministers from related ministries including the Ministry of Science and ICT, the Ministry of Culture, Sports and Tourism, and the Ministry of Trade, Industry and Energy, discussed "policy tasks for structural innovation in the steel industry."
Deputy Prime Minister Koo announced, "We will prepare and announce measures to advance the steel industry during the fourth quarter, including AI-based manufacturing process innovation, high-value addition such as special steels, and low-carbon transition centered on hydrogen-based reduction steelmaking."
He added, "We will sequentially discuss and formulate advancement plans not only for steel but also for key industries such as petrochemicals."
Regarding the "countermeasures and institutional improvement plans for vacant knowledge industry centers," he said, "We will actively generate demand through public projects, such as converting vacant and unsold knowledge industry centers into public rental housing for young adults and newlywed couples."
On the agenda for "measures to crack down on trade-based financial and fiscal crimes," he stated, "We will intensively inspect export performance manipulation targeting new listings, policy financial support, and government subsidy embezzlement, as well as fraudulent public procurement such as low-priced imports disguised as domestic products."
Mentioning the "2027 World Youth Day" scheduled to be held in Seoul next summer, Deputy Prime Minister Koo said, "As a large-scale international event expected to see the participation of around 1 million young people from home and abroad, it is expected to enhance our national image by promoting our culture to youth worldwide, along with economic effects such as production and employment inducement."
(Photo: Yonhap News)
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