Cheong "Kim Sangjo Chief, Bank of Korea Corporate Management Analysis Presidential Report" (Update)

Cheong, Policy Efforts to Help Small Businesses Overcome COVID-19 Impact... "Emergency Economic Meeting Measures Executed Swiftly and Effectively"

[Asia Economy Reporter Ryu Jeong-min] Kang Min-seok, spokesperson for the Blue House, stated at the Chuncheon Press Briefing on the 16th, "Today, there was a report from Kim Sang-jo, Chief of Policy Office, on the Bank of Korea's corporate management analysis," adding, "The corporate management analysis compares each company's first-quarter sales growth rate, operating profit margin, and debt ratio with the previous quarter or the same period last year."

Spokesperson Kang said, "Chief Kim Sang-jo reported to the President that among companies, those already struggling are facing even greater difficulties. In response, President Moon said, 'Even after the COVID-19 situation ends, things may not return to normal but may remain bruised,'" explaining, "While personal consumption may return to normal, if the COVID-19 shock prolongs, it could leave significant aftereffects on some lower-tier groups."

[Image source=Yonhap News]

Spokesperson Kang emphasized, "President Moon and economic advisors have decided to focus policy efforts on enabling companies in the lower tier to quickly recover from the COVID-19 shock," stressing, "The key point in what I just mentioned is 'quickly.'"

In this regard, a senior Blue House official said, "The conclusion is that measures announced through the 1st to 6th Emergency Economic Meetings must be implemented swiftly and effectively," adding, "for example, support provided through the Industrial Stabilization Fund to airlines or machinery and automobile subcontractors can serve as an example."

The senior Blue House official added, "While it is important to additionally review blind spots and target support to specific companies or industries, today's meeting emphasized that quickly recovering from the economic crisis can be an effective measure."

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