Lee Nak-yeon: "If COVID-19 vaccines are used within the year, we will enter the disaster recovery phase next year" - Review meeting with economic ministers

Minister Lee Holds Meeting with Economic Ministries to Review Economic Situation
Discussing COVID-19 Recovery Measures and Fair Economy 3 Laws
Hong Nam-ki: "Government Will Fully Focus on Protecting Real Estate Buyers and Stabilizing for Ordinary People"

[Asia Economy Reporter Jeon Jin-young] On the 21st, Lee Nak-yeon, leader of the Democratic Party of Korea, held a meeting with ministers of economic departments and stated, "If a new coronavirus disease (COVID-19) treatment is used within this year, we expect to fully enter the disaster recovery phase as early as next year."

On the 21st, at the Democratic Party of Korea's party leader's office in the National Assembly, party leader Lee Nak-yeon, Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki, along with party leadership and relevant ministers, attended an economic situation review meeting and took a commemorative photo before the meeting began. Photo by Yoon Dong-joo doso7@

Lee held an economic situation review meeting at the National Assembly in the morning and said, "We are still in the disaster response phase. However, it seems that some sectors have already started the disaster recovery phase."

He added, "As with everything, this disaster will also pass. Many scars will remain in its wake," urging a response to the deepening economic disparities caused by the COVID-19 aftermath. Lee emphasized, "The most concerning issue is the scars left by the deepening disparities. Signs are already appearing. When I looked around last weekend, traditional markets were quiet, but hotel restaurants were fully booked. We need to prepare more to care for socially vulnerable groups so that the gap does not widen further."

During the meeting, Lee urged the ministers of economic departments, "We have not yet escaped from employment and domestic demand contraction," and requested, "Please prioritize employment recovery and consumption promotion in the fourth quarter." He added, "I hope you will accelerate the implementation of public sector job projects reflected in the third and fourth supplementary budgets," and further said, "Please ensure the smooth implementation of the policy to extend the employment retention support period for all industries by 240 days."

The meeting is expected to coordinate measures for economic recovery from the COVID-19 impact and the Fair Economy Three Acts. Kim Tae-nyeon, floor leader of the Democratic Party attending the meeting, said in his opening remarks, "To establish a foundation for a fair economy, we must enhance corporate transparency and competitiveness," and added, "The Democratic Party will pass the Fair Economy Three Acts to establish global standards for corporate management." Kim also stated, "We will promote legislation to introduce multiple voting rights for unlisted venture companies and corporate venture capital (CVC) to foster innovative venture companies."

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, said, "The core task for the fourth quarter is to resolve the domestic demand and employment shocks caused by the resurgence of COVID-19 since mid-August," and added, "Since social distancing was eased to level 1 last week, the government will maximize policy momentum for domestic demand stimulation, export support, and employment improvement."

Deputy Prime Minister Hong also stated, "We will respond carefully to issues that may burden our economy," and pledged to focus on stabilizing the real estate market. He said, "Appropriate management and prompt response are needed for internal risk factors such as the real estate market and household debt," and noted, "The jeonse (long-term lease) market shows rising prices and decreasing available units, while actual transaction statistics indicate an increase compared to the same period last year." He emphasized, "Regarding this, the government will make every effort to stabilize and protect actual users and low-income households."

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