President Moon: "Economy Recovering Rapidly... Entering Normal Track by First Half of Next Year"

"Continuing as a Model Country in Quarantine, We Will Create a Model Country in Economy"

President Moon Jae-in is speaking at a meeting held under the theme "Eco-friendly Mobility, Clean and Safe" at Hyundai Motor Company's Ulsan plant on the morning of the 30th of last month.

President Moon Jae-in said on the 2nd, "Our economy is rapidly recovering from the difficulties it has faced," and added that from the first half of next year, the shock caused by the novel coronavirus infection (COVID-19) will be offset and the economy will be able to enter a normal trajectory.

In his opening remarks at the senior secretaries and presidential aides meeting held at the Blue House that day, President Moon said, "The third quarter gross domestic product (GDP) growth rate turned positive with the steepest increase in 10 years since the global financial crisis, which means that our economy has emerged from the sharp contraction phase in the first and second quarters and returned to a clear growth trend."

President Moon praised the Korean economy for entering a steady recovery phase driven by manufacturing and exports despite the global impact of COVID-19. In particular, he said, "Especially in industrial activity in September, the last month of the third quarter, production, consumption, and investment all rose together, showing a 'triple increase,' which brightens the outlook for continued growth in the fourth quarter."

He continued, "Economic sentiment also improved significantly in October," adding, "Both the consumer sentiment index and the business sentiment index recorded double-digit increases, the largest increase in 11 years and 6 months. This is also a positive sign indicating that the pace of economic recovery will accelerate."

President Moon said, "The main driver leading the rapid and strong recovery of the Korean economy is undoubtedly exports," and added, "Exports, which account for 40% of the Korean economy, played a central role in driving economic recovery in the third quarter."

President Moon Jae-in is speaking at a meeting held under the theme "Eco-friendly Mobility, Clean and Safe" on the morning of the 30th at Hyundai Motor Company's Ulsan Plant.

However, President Moon emphasized that attention to 'quarantine' must never be forgotten amid the global economic contraction caused by COVID-19.

He said, "Small-scale COVID-19 cluster infections continue to occur, so we cannot let our guard down," and added, "In preparation for the prolonged COVID-19 situation, we must strive for sustainable quarantine measures suitable for an era of coexistence with COVID-19, such as reorganizing the social distancing system, while putting more effort into revitalizing the economy."

He further stated, "If these efforts come together to continue the success of quarantine and maintain the trend of economic rebound in the fourth quarter, our economy will be able to offset the shock of COVID-19 and enter a normal trajectory from the first half of next year," and said, "The government will create an exemplary economic nation following its status as a model quarantine country."

Meanwhile, in his policy speech on the 2021 budget bill at the National Assembly on the 28th of last month, President Moon mentioned the word 'economy' 43 times, clearly expressing his determination for economic recovery.

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