Hong Nam-ki Holds Meeting with Heads of Private Economic Research Institutes: "Please Advise on COVID-19 Measures"

Heads of Private Economic Research Institutes Including Samsung, LG, and Hyundai Economic Research Institute Attend

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Kim Hyun-jung] On the 9th, Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, chaired a meeting with heads of private economic research institutes such as Samsung, LG, and Hyundai Economic Research Institutes, and listened to opinions on policy tasks related to the novel coronavirus disease (COVID-19) situation.

Deputy Prime Minister Hong held the meeting with heads of private research institutes at the Government Seoul Office Building in the afternoon. Attendees included Cha Moon-jung, Director of Samsung Economic Research Institute; Yeom Yong-seop, Director of SK Management and Economic Research Institute; Lee Dong-geun, President of Hyundai Research Institute; Kim Young-min, President of LG Economic Research Institute; Son Sang-ho, President of the Korea Institute of Finance; and Jang Jae-cheol, Chief Economist of KB Securities.

In his opening remarks, Deputy Prime Minister Hong explained, "To listen to the private sector's views as much as possible, we did not invite heads of government-funded research institutes but only heads of private research institutes to this meeting," adding, "I would like to hear the private sector's perspectives on how to diagnose and forecast the economic crisis caused by COVID-19."

He continued, "The government is preparing and implementing various policies to overcome this crisis, so please provide suggestions on the current status of these policies, their diagnosis and review, and what additional measures should be taken," emphasizing, "The government must also prepare in advance for the post-COVID era that will come after the containment of the pandemic and overcoming the economic crisis, and I would like to hear your insights on this as well."

Furthermore, he stressed, "Unlike past crises such as the IMF and financial crises, this crisis is impacting both the real economy and finance globally," and added, "It is not enough for only our country to overcome this well; since many countries are interconnected, solutions need to be sought on a larger scale."

He also added, "So far, the government has prepared and promoted measures worth about 150 trillion won, but there is still a long way to go," noting, "There are aspects where some funding supply in the financial sector is not smooth, and although the government is doing its best with fiscal measures, there are many calls for a more active role. Given various constraints, I would like to discuss these issues as well."

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