Government Holds Green Room Meeting... "Full Effort to Create Jobs with Korean New Deal"

[Asia Economy Reporter Jang Sehee] On the 21st, the government held a green room meeting chaired by Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki, attended by ministers of related ministries, to discuss the main contents of the Household Trends Survey and the 3rd supplementary budget. The government plans to make every effort to achieve a rapid economic recovery and job creation through the economic policy direction for the second half of the year and the Korean New Deal.

The meeting chaired by Deputy Prime Minister Hong was attended by Minister of Employment and Labor Lee Jae-gap, Director of the Office for Government Policy Coordination Noh Hyung-wook, and Senior Secretary for Economic Affairs to the President Lee Ho-seung, among others.

The attendees diagnosed that the deterioration of income distribution caused by COVID-19 could continue after the second quarter, as the decrease in temporary and daily workers expanded even in April.

They especially agreed on the need to make every effort to prevent the recurrence of the precedent where income polarization worsens during a crisis. The first quarter household trends showed that while the income of the first quintile remained similar to the previous year, the income of the fifth quintile increased, worsening the distribution indicators.

Accordingly, the government plans to strengthen efforts to stabilize the employment market, as the main cause of the worsening income distribution in the first quarter is analyzed to be the decrease in employment among low-income groups. It also plans to focus on policy support to protect low-income groups who are greatly affected by the deterioration of income conditions.

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