Deputy Prime Minister and Minister of Finance and Economy Koo Yun-cheol expressed confidence, stating, "The possibility of achieving 3% annual growth and a per capita gross national income (GNI) of $40,000 this year has grown significantly."

Deputy Prime Minister Koo made the remarks while presiding over a task force meeting of relevant ministers on special management of public livelihood prices at the Government Complex-Seoul today (the 24th).

Regarding the Bank of Korea's data released yesterday (the 23rd) showing a 0.6% real gross domestic product (GDP) growth rate for the second quarter, Deputy Prime Minister Koo stated, "The growth momentum continues strongly following the first quarter," adding, "We will make all-out efforts to realize the '3-4-5 Vision,' namely 3% growth, ranking among the top four export powers, and achieving a per capita national income of $50,000."

Addressing the recent resurgence of tensions in the Middle East, he stated, "As difficulties may arise in terms of inflation and supply chains, such as rising international oil prices and increased volatility, we will make thorough preparations."

He announced that the 8th ceiling price for petroleum, which will take effect from midnight on the 25th, will be announced at 7:00 PM today (the 23rd).

The government also decided to extend the temporary reduction on fuel taxes, which was scheduled to end at the end of this month, for two more months until the end of September. In addition, the prohibition on hoarding vehicle-use urea water and urea will be extended by one month until the end of next month, taking into account uncertainties surrounding the Middle East conflict.

Regarding the notice prohibiting the hoarding of syringes, which will run until the end of next month, the government decided to relax the storage volume criteria and lift sales volume restrictions, considering supply and demand conditions.

Deputy Prime Minister Koo emphasized, "We will actively improve institutional areas for improvement identified during the response to the Middle East conflict to enhance the effectiveness of the supply chain response system and price stabilization measures."

To this end, the government plans to propose an amendment to the Price Stabilization Act next month, which includes measures to eradicate market-disturbing acts such as strengthening sanctions against hoarding and preemptive sales measures for seized goods.

(Photo: Yonhap News)