Vice Minister Ki Jae: "I Realize the World Economy Has Been Gripped by COVID... We Are at a Turning Point"

Kim Yong-beom, Vice Minister of Strategy and Finance (far left), is delivering opening remarks while presiding over the "24th Innovation Growth Review Meeting and Policy Review Meeting" held on the 4th at the Government Seoul Office in Gwanghwamun, Seoul.

[Sejong=Asia Economy Reporter Kim Hyunjung] Kim Yongbeom, the 1st Vice Minister of the Ministry of Economy and Finance, said on the 4th that the Korean economy is at a turning point due to the COVID-19 pandemic, and that this is the last timing to prepare for structural changes.

On the morning of the same day, Vice Minister Kim held the '24th Innovation Growth Strategy Review Meeting and Policy Review Meeting' at the Government Seoul Office in Gwanghwamun, Seoul, and in his opening remarks said, "I truly feel the phrase 'COVID-19 has gripped the global economy (Daniel Stelter, Corononomics)".

He added, "Behind the deeper response to COVID-19, there is an intensifying competition among countries for post-crisis hegemony," and emphasized, "We are at a turning point. This is the last timing to prepare for the future before structural changes fully begin beyond crisis response."

Vice Minister Kim explained, "We will concretize and steadily implement the strategic tasks prepared through the Population Policy Task Force, and also discover new tasks to timely respond to changes in the population structure," and added, "We will closely examine the employment market conditions and, if necessary, promptly prepare and promote measures to expand and supplement existing employment support policies."

He also stressed that for small business owners and self-employed people such as restaurants, cafes, and academies who are struggling due to strengthened quarantine measures following the nationwide implementation of social distancing level 2, "We will closely review the effectiveness of existing measures and devise reinforcement plans for blind spots."

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