Hong Nam-ki: "We Will Thoroughly Review Institutionalizing Support for COVID-19 Affected Groups"

Planning and Finance Committee Work Report

[Image source=Yonhap News]

[Asia Economy Reporters Kim Hyun-jung (Sejong), Lee Hyun-joo] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, said on the 16th, "We will thoroughly review institutionalization such as strong support for vulnerable groups including small business owners and self-employed who have been severely affected by COVID-19."

Deputy Prime Minister Hong attended the plenary meeting of the Planning and Finance Committee held at the National Assembly in Yeouido, Seoul, in the morning and said, "We will do our utmost to achieve strong economic recovery and restore vitality." At this meeting, Hong named the key projects for this year’s transition to a leading economy amid the rapidly changing economic environment due to COVID-19 as ▲ strong economic recovery and vitality restoration ▲ inclusive recovery to reduce disparities ▲ leap to a leading country on the economic growth path ▲ management of economic risk factors such as population and real estate.

Regarding economic recovery, Hong emphasized, "For the third round of customized damage support, we have achieved 90% of the main cash support projects ahead of the Lunar New Year target for the payment recipients," and added, "We will also steadily promote comprehensive support for credit card tax deductions, automobile acquisition tax reduction incentives, and the export sector."

He continued, "To improve the employment situation, we will expedite the execution of 900,000 plus alpha direct jobs in the first quarter and strengthen the public sector’s role as a pillar," and stressed, "Additional support measures for youth, women, and vulnerable groups who have been hit hard by the COVID shock will be prepared within the first quarter." He also added, "To prevent polarization from worsening due to the crisis, we will steadily implement the national employment support system, livelihood benefits for low-income households, and expansion of industrial accident insurance."

He explained that he would also focus on the 'digital and eco-friendly transition' for a leap on the growth path. He said, "The Korean New Deal will be actively promoted from this year with a designated investment of 21 trillion won and concretization," and emphasized, "We will energize the Big 3 industries and strengthen proactive responses to climate change and carbon neutrality technologies."

Deputy Prime Minister Hong also cited the review of economic risk factors as a task, saying, "We will operate a population policy task force to proactively respond to changes in the population structure and manage unexpected risks such as market liquidity, household debt, and US-China trade conflicts." In particular, he added, "To stabilize the real estate market, we will promote legislative measures to swiftly materialize the recently announced plan to expand housing supply in metropolitan areas along with the previously prepared measures to block speculative demand."

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