Hong Nam-ki: "We Must Sustain the Momentum for Economic Recovery and Leap Forward This Year"

Monitoring Structural Changes Such as Population Structure, Household Structure, and Consumption Pattern Changes
"We Will Face Challenges Head-On"

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, said on the 2nd, "This year, we must definitely seize the momentum for economic recovery and leap forward."

On the same day, Hong held the Ministry of Economy and Finance's New Year's ceremony at the Government Complex Sejong and stated, "This year marks a very crucial period as the Moon Jae-in administration enters its second half, where past policies should bear fruit and their outcomes should be tangibly felt by the public."

Hong emphasized, "Whether we prepare in advance for structural changes and shocks such as demographic structure, household structure, and consumption pattern changes can determine the future of our economy," adding, "The five major structural innovation tasks, including industrial innovation, public innovation, and responding to structural variables, must be accelerated with special and urgent determination."

Hong mentioned three steps as a mindset for the new year.

He said, "First, a stance of facing challenges head-on," citing, "600 years ago, in the Year of the Rat, King Sejong overcame various oppositions to establish the Jiphyeonjeon, which drastically changed the lives of the people."

He continued, "We must have an integrated perspective that views the whole with balance," urging, "Employees of the Ministry of Economy and Finance should be cautious of the error of hasty generalization and always maintain integrated thinking and a balanced perspective from a broader framework."

He added, "Walking together with communication and harmony is important," emphasizing, "Both policy directions and outcomes should be viewed from the people's perspective, not the suppliers'."

Finally, Hong concluded, "Let us run forward with the attitude of 'Gyeongjang' (更張), loosening and retightening the strings of the geomungo starting from the government," and said, "As the general team leader of economic ministries, our Ministry of Economy and Finance will take the lead, and I believe the National Tax Service, Customs Service, Statistics Korea, and Public Procurement Service, all part of the same family, will keep pace and run together."

This content was produced with the assistance of AI translation services.