Measures for Public Livelihood During Seollal Holiday to Be Announced... Plans to Revitalize Traditional Markets to Be Prepared

Public Welfare Measures... Focus on Protecting Vulnerable Groups, Stabilizing Everyday Prices, and Revitalizing Traditional Markets

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[Asia Economy Reporter Jang Sehee] The government will announce measures to stabilize livelihoods for the Lunar New Year next week. These measures aim to protect vulnerable groups, stabilize prices for ordinary citizens, and revitalize traditional markets ahead of the Lunar New Year.

According to the Ministry of Economy and Finance on the 16th, the upcoming measures will focus on revitalizing traditional markets to support small business owners who are facing difficulties.

Additionally, non-face-to-face consumption promotion measures are expected to be introduced. A government official stated, "Since face-to-face consumption is difficult due to the resurgence of COVID-19, we need to also consider the non-face-to-face consumption sector."

Earlier, Kim Yong-beom, the first vice minister of the Ministry of Economy and Finance, said, "We plan to announce the Lunar New Year livelihood stabilization measures next week," adding, "We will strengthen efforts to create a momentum for economic recovery during the Lunar New Year holiday."

He also explained, "The core of this livelihood measure is to solidify the foundation for livelihood stability and support the recovery of domestic demand vitality."

Furthermore, support for vulnerable groups and the supply of essential goods will be expanded. Efforts to stabilize livestock product prices will also be intensified. According to the price trends announced by Statistics Korea, consumer prices rose by 0.5% compared to the previous year, but agricultural, livestock, and fishery products increased by as much as 6.7% over the past year.

Meanwhile, during last Chuseok, consumption promotion measures were announced, such as raising the maximum purchase limit for online gift certificates per person from 500,000 won to 1,000,000 won.

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