President Moon Emphasizes Focus on Policy Measures for Rapid and Strong Economic Recovery

Chairing the Expanded National Economic Advisory Council Meeting on the '2021 Economic Policy Direction Report'

[Asia Economy Reporter Son Sun-hee] On the 17th, President Moon Jae-in presented "fast and strong economic recovery" as the core direction of next year's economic policy, stating, "We will focus policy measures such as fiscal and financial policies to achieve a definite rebound in the livelihood economy together with companies."

President Moon made these remarks while presiding over the expanded National Economic Advisory Council meeting linked to the '2021 Economic Policy Direction (Gyeongbang) Report' at the Korea Chamber of Commerce and Industry in Seoul on the morning of the same day. He also emphasized a "leading-type economic leap" and called for an all-out government-wide response.

This year's Gyeongbang report was held together with the National Economic Advisory Council, chaired directly by President Moon, unlike previous years when it was held in conjunction with the Economic Ministers' Meeting.

[Image source=Yonhap News]

The National Economic Advisory Council is a presidential advisory body on important economic policy formulation established based on the Constitution. The meeting venue was also prepared at the Korea Chamber of Commerce and Industry, not at the Blue House. A Blue House official explained, "Holding the meeting at the Korea Chamber of Commerce and Industry, which has been part of the birth and development of our country's commerce and industry, symbolizes 'gathering the will for economic recovery.'"

The number of attendees was also greatly expanded. For the first time in a meeting for the Gyeongbang report, Prime Minister Chung Sye-kyun and Lee Nak-yeon, leader of the Democratic Party of Korea, attended. In addition, Park Yong-man, chairman of the Korea Chamber of Commerce and Industry, Kim Ki-moon, chairman of the Korea Federation of Small and Medium Business, and other major economic organization heads, as well as private committee members including Lee Je-min, vice chairman of the National Economic Advisory Council, participated. This is interpreted as a determination by both the private sector and government to quickly recover from the livelihood economic crisis caused by the novel coronavirus infection (COVID-19) situation.

At the meeting, Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki announced the '2021 Economic Policy Direction,' followed by discussions on the themes of 'fast and strong economic recovery' and 'a great transition to a leading-type economy.'

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