Vice Minister of Economy and Finance: "COVID-19, a Multifaceted Crisis... Bringing an End to Dichotomy"

Kim Yong-beom Vice Minister Chairs Innovation Growth Strategy Review Meeting and Policy Review Meeting
"Will Find the Optimal Solution with Flexible Thinking," Emphasizes

Kim Yong-beom, Vice Minister of Strategy and Finance, is delivering opening remarks while presiding over the "26th Innovation Growth Strategy Review Meeting and Policy Review Meeting" held on the 18th at the Government Seoul Office in Gwanghwamun, Seoul.

[Asia Economy Reporter Kim Hyunjung] Kim Yongbeom, the 1st Vice Minister of Strategy and Finance, referred to the 'multidimensional' crisis brought about by the novel coronavirus disease (COVID-19) pandemic, emphasizing that answers must be found through flexible thinking rather than dichotomous considerations.

On the morning of the 18th, Vice Minister Kim presided over the '26th Innovation Growth Strategy Review Meeting and Policy Review Meeting' at the Government Seoul Office and made these remarks during his opening speech. He explained, "The era of dichotomy is over," adding, "No country insists solely on one option between a complete economic reopening and extreme lockdown."

He continued, "While the virus has divided humanity into positive and negative cases, life and livelihood cannot be separated," emphasizing, "We must quickly and accurately find the changing optimal point by reflecting the constantly changing economic conditions and COVID-19 spread trends."

He noted, "International financial organizations, which frequently downgraded growth forecasts, have become more cautious, and we are also observing preparations for a prolonged battle such as herd immunity research and antibiotic clinical trials," stressing that our government is also engaging in dynamic balancing. He then stated that the participants would review plans for financial sector and small business support as part of the urgent comprehensive livelihood and economic measures.

Vice Minister Kim said, "Many countries are demonstrating policy combinations that break down the boundaries between fiscal and monetary policies in response to COVID-19," emphasizing, "The social contract between the public and private sectors is also changing. Normally private sectors like healthcare are required to serve as public healthcare during infectious disease crises."

He added, "The crisis we face is a multidimensional and complex problem combining health and economic crises, so it cannot be resolved by simple choices," concluding, "The government will find the optimal solution with flexible thinking according to the changing situation."

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