Vice Minister of Economy: "In the Second Half of Next Year, Consumption Will Fully Rebound... Achieving 3.2% Growth Rate Possible"

Appeared on KBS 'Newsline' on the 17th... Explaining 'Next Year's Economic Policy Direction'

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Kim Yongbeom, the 1st Vice Minister of the Ministry of Economy and Finance, stated, "From the middle of next year onward, private consumption will rebound in earnest, making it possible to achieve the GDP growth forecast of 3.2%."

On the afternoon of the 17th, Vice Minister Kim appeared on KBS 'Newsline' and responded to criticism that the growth forecast was somewhat optimistic by saying, "Although COVID-19 will continue to have an impact until the first quarter of next year, the deeper the trough, the more certain the rebound can be." He added, "We comprehensively considered exports, facility investment, construction investment, and consumption, and referred to various domestic and international opinions."

Vice Minister Kim identified consumption and employment as the core tasks of next year's economic policy direction. He said, "We will focus on quickly restoring private consumption and implement employment support systems that can maintain and create jobs." In this regard, the government plans to expedite the execution of 1.04 million direct jobs in the first quarter of next year and expand the scope of employment retention subsidies.

Regarding the payment of the third disaster relief fund, he stated, "We are discussing various measures and preparing to finalize them as soon as possible so that payments can begin from January," adding, "The basic principle is to implement appropriate support measures as quickly as possible according to the level of damage."

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