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

"Rapid Contraction in First Half Overcome with Clear Growth"
"Exports and Economic Sentiment on the Rise... Bright Signs of Economic Recovery"
"Following as a Model in Disease Control, We Will Become a Model Economy"

President Moon Jae-in is presiding over the senior secretaries and aides meeting at the Blue House on the 2nd.

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, it will be possible to make up for the shock caused by the novel coronavirus infection (COVID-19) and enter a normal trajectory. Following his mention of the word 'economy' 43 times in his 2021 budget proposal policy speech at the National Assembly on the 28th of last month, President Moon demonstrated his urgent determination for economic recovery through a vice-ministerial level personnel reshuffle focused on revitalizing economic organizations on the 1st.

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 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. He especially noted, "The 'triple increase' in production, consumption, and investment observed in industrial activity in September, the last month of the third quarter, 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 survey index recorded double-digit increases, the largest rise in 11 years and 6 months. This is also a positive signal indicating that the pace of economic recovery will accelerate."

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

He mentioned that "In the export performance announced yesterday for October, the export boom continues," noting that although the total monthly export amount slightly decreased due to fewer working days, the average daily export amount rebounded to positive growth for the first time in nine months since January before COVID-19 and recorded the highest performance in 13 months. He added, "This is a very valuable achievement amid the contraction of international trade," and said, "It is a performance that raises confidence that our economy can rebound early."

Furthermore, he said, "Venture investment for the future of the manufacturing powerhouse is also becoming more active," and stated, "After a slump in the second quarter, a 6% increase in the third quarter compared to last year is a solid foundation for advancing as a manufacturing innovation powerhouse and will remain an unwavering hope for our economy."

President Moon then emphasized the government's efforts to further enhance the status of Korea as a manufacturing powerhouse. He said, "Through this COVID-19 crisis, we have realized that it is more important than anything else to be able to do what we do well even better," and added, "Just as we turned the export restrictions by Japan last year into an opportunity to advance as a manufacturing powerhouse that no one can shake by localizing materials, parts, and equipment industries, we will take this COVID economic crisis as a lesson to further sophisticate our manufacturing industry and enhance its competitiveness."

President Moon Jae-in is presiding over the senior secretaries and aides meeting at the Blue House on the 2nd.

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

He said, "With the resurgence of COVID-19, countries around the world such as France and Germany have started lockdown measures again, increasing uncertainty in the global economy, so the situation is still not safe," and added, "Domestically, small-scale cluster infections of COVID-19 continue to occur, so we cannot let our guard down." He urged, "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."

President Moon said, "If these efforts continue to lead to success in quarantine and the trend of economic rebound continues in the fourth quarter, from the first half of next year, our economy will be able to make up for the shock of COVID-19 and enter a normal trajectory," and pledged, "The government will create an exemplary economic nation following the exemplary quarantine nation."

President Moon Jae-in is presiding over the senior secretaries and aides meeting at the Blue House on the 2nd.

Meanwhile, President Moon has been emphasizing success in both 'economy' and 'quarantine' in recent public appearances, putting all his efforts into 'catching two rabbits at once.'

In his '2021 budget proposal policy speech' at the plenary session of the National Assembly on the 28th of last month, President Moon said, "Now is the time to achieve definite stability in quarantine and a definite rebound in the economy."

In this speech, the word most frequently mentioned by President Moon was 'economy,' appearing a total of 43 times. When combined with related words, the focus of this speech becomes clearer. 'Investment' appeared 28 times, 'jobs' 18 times, and 'New Deal' 17 times. 'Employment' appeared 13 times, and 'companies' 12 times.

President Moon also emphasized "rapid economic recovery" at the senior secretaries and presidential aides meeting on the 26th, saying, "As consumption gradually recovers, an opportunity for consumption rebound is being created."

Additionally, on the 1st, President Moon carried out a personnel reshuffle of 12 vice-ministerial level officials, placing emphasis on revitalizing economic organizations and demonstrating a strong will for economic recovery.

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