Jung Sye-kyun: "Last Year's GDP Surpassed Expectations... Economic Recovery Expected in Q1 This Year"

Prime Minister Chung Sye-kyun is speaking while presiding over the Central Disaster and Safety Countermeasures Headquarters meeting on COVID-19 response at the Government Complex Sejong in Sejong City on the morning of the 27th. January 27, 2021. Photo by Yonhap News

[Asia Economy Reporter Son Seon-hee] Prime Minister Chung Sye-kyun stated on the 27th, "Last year's annual Gross Domestic Product (GDP) growth rate was -1.0%," adding, "This result exceeded expectations compared to initial domestic and international forecasts and market expectations."

On the morning of the same day, Prime Minister Chung presided over the Central Disaster and Safety Countermeasures Headquarters meeting for COVID-19 at the Government Complex Sejong and said in his opening remarks, "Despite the third wave of COVID-19, our economy did not contract." He continued, "Compared to the International Monetary Fund (IMF)'s forecast for major advanced countries' 2020 growth rates, ranging from -3% to -11%, this achievement demonstrates the resilience of the Korean economy even amid the pandemic."

However, Prime Minister Chung noted, "The significantly contracted private consumption last year reflects the hardships faced by the livelihood economy due to COVID-19," and added, "We expect the economic recovery trend to continue into the first quarter of this year, but COVID-19 still remains a formidable obstacle."

He emphasized that "quarantine is the economy," urging, "I ask the public not to lower their vigilance and to unite in participatory quarantine until our economy and daily life fully return to normal."

Meanwhile, the government plans to announce detailed implementation plans for COVID-19 vaccination on the 28th. Regarding this, Prime Minister Chung stated, "Vaccination preparations are being carried out smoothly across all regions nationwide," and added, "All local governments have completed the formation of vaccination promotion teams, and selection processes for vaccine vaccination center candidates are underway throughout the country."

He further emphasized, "For nationwide vaccination to proceed without issues, the participation and cooperation of medical institutions and personnel are crucial," and requested, "The quarantine authorities should closely communicate and cooperate with the medical community throughout all stages of vaccine preparation, administration, and post-management." Addressing the medical community, he said, "Please contribute your efforts to this national mission for the health of the people."

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