Kim Yong-beom Vice Minister: "Improvement in National Competitiveness, Overall Positive Results"

"Over 75% Execution Within 3 Months After 3rd Supplementary Budget Approval"

Kim Yong-beom, First Vice Minister of the Ministry of Economy and Finance, is delivering the opening remarks at the 'National Competitiveness Policy Council' held on the 17th in the main conference room of the Korea Development Bank annex in Yeouido, Seoul.

[Asia Economy Reporter Kwangho Lee] Kim Yong-beom, First Vice Minister of the Ministry of Economy and Finance, said on the 17th regarding the national competitiveness evaluation announced by the International Institute for Management Development (IMD) in Switzerland, "If we overly emphasize only the positive aspects, there is a concern of self-congratulatory criticism, but overall, it is a good result."

Vice Minister Kim made these remarks while presiding over the '8th National Competitiveness Policy Council' held at the Industrial Bank of Korea annex conference room in Yeouido, Seoul.

According to the IMD national competitiveness evaluation results announced on the 16th (local time), South Korea ranked 23rd out of 63 countries. This is close to the highest ever ranking of 22nd (2011?2013). Notably, among countries with populations over 20 million (a total of 29 countries), Korea ranked 8th, matching the highest ranking recorded in 2012. Among countries with a national income of $30,000 and a population over 50 million, Korea ranked 4th.

Vice Minister Kim explained, "We should focus on the underlying 'facts' rather than the evaluation results or rankings themselves," adding, "This evaluation was compiled based on quantified data from countries and relative rankings from surveys conducted between February and April this year, during the COVID-19 pandemic."

He continued, "Last year, the global economy was characterized by a synchronized slowdown and the US-China trade dispute, with significant drops in rankings for the US and China," and said, "We actively pursued expansionary main budgets and supplementary budgets as part of fiscal policy responses last year and increased fiscal jobs."

He added, "As a result of these efforts, the economic performance sector among the four IMD evaluation categories remained generally stable, and government efficiency improved," noting, "The deterioration in employment and government finances reflects unavoidable efforts to protect the economy."

Furthermore, he mentioned, "The effects of K-quarantine and policy efforts to overcome the crisis were reflected in improvements in health infrastructure satisfaction and government policy rankings," and "Steady policy efforts in employment support, expansion of unemployment benefits, and education system improvements have led to better indicators."

Vice Minister Kim emphasized, "National competitiveness is the 'power to turn crisis into opportunity.' Bad companies collapse in crises, good companies endure, but great companies grow through crises," and said, "The essence is the same for nations."

He particularly noted, "Continuous responses to the COVID-19 crisis will be reflected in national competitiveness," and expressed, "The economic policy direction for the second half of the year (Ha-gyeong-jeong) announced earlier this month will serve as a foundation for enhancing national competitiveness."

Vice Minister Kim stated, "The government has prepared Ha-gyeong-jeong focusing on two pillars: 'early overcoming of national difficulties' and 'establishment of a leading economic foundation,'" and said, "To build a leading economic foundation in the post-COVID-19 era, we will vigorously promote key projects such as the Korean New Deal and quarantine and bio sectors, and devote ourselves to industrial and economic structural innovation and expanding the foundation of an inclusive nation."

He appealed, "The prompt passage of the third supplementary budget bill is urgent," and added, "We will make every effort to prepare in advance so that more than 75% of the budget can be executed within three months immediately after its passage."

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