'Economic Boom-Up' President Moon Explains Directly

On the 17th, Four Key Economic Ministries Including the Ministry of Economy and Finance Report to the Blue House... New Year's Economic Policy Report to the Public via Live TV Broadcast

[Asia Economy reporters Ryu Jeong-min and Jo Gang-wook] President Moon Jae-in and economic ministers' decision to announce economic policies through a live TV broadcast on the afternoon of the 17th is a choice aimed at changing the social atmosphere weakened by the novel coronavirus infection (COVID-19). Following last week's meetings with business leaders and heads of economic organizations, this day's New Year work reports from four economic ministries signify an intention to strengthen the government's policy stance on 'economic boom-up.'

According to the Blue House, the Ministry of Economy and Finance, Ministry of Trade, Industry and Energy, Ministry of SMEs and Startups, and Financial Services Commission will conduct New Year work reports at the Blue House under the slogan "Leaping Economy, New Future." Han Jeong-woo, the Blue House press secretary, explained, "The joint work report of the four key economic ministries was held to overcome the economic activities weakened by COVID-19 and to present the key economic tasks for 2020."

The scene of President Moon and ministers explaining their New Year policy plans directly to the public through live TV broadcasts is unprecedented. Along with the concept of 'work reports with the people,' a town hall meeting-style work report is planned to encourage close dialogue. Han said, "There will be presentations by economic experts on innovation performance related to materials, parts, equipment, manufacturing, venture companies, and innovative finance."

[Image source=Yonhap News]

Another noteworthy point is that financial support measures related to the 'economic boom-up' will be discussed. The Financial Services Commission plans to present a blueprint for innovation across the financial system, including credit and venture capital, during the work report. The intention is to shift the current capital flow, which is skewed toward unproductive sectors such as households and real estate, toward small and medium-sized and venture enterprises.

Additionally, the plan is to support the financial industry to gain global competitiveness through competition, innovation, and fintech activation. In particular, to enhance the competitiveness of the financial industry, entry and business regulations will be reformed, and overseas expansion will be actively supported.

The Blue House is paying close attention to the economic boom-up but does not mean to place COVID-19 as a lower priority. It conveys a message that efforts will also be made to resolve the COVID-19 situation amid ongoing international spread and public concern.

This week is expected to be a crucial week determining the success or failure of the government's policy shift. If the fear of COVID-19 continues, it will be difficult to expect the effects of the economic boom-up. If the COVID-19 issue, which President Moon said would "end soon," does not calm down but rather spreads, the government's policy plans related to the economic boom-up may also be shaken.

The 29th confirmed COVID-19 case discovered on the 16th is raising concerns about community infection. Moreover, as the oldest confirmed patient in Korea at 82 years old, the burden of patient management and treatment has increased. The government's response to COVID-19 is receiving favorable evaluations compared to the Chinese and Japanese governments. However, since COVID-19 is a matter involving complex domestic and international variables, attention must be paid not only to the domestic situation but also to the developments abroad.

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