Hong Nam-ki: "Pursuing Follow-up Measures After 4% Growth... Caution on Housing and Inflation"

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance. (Photo by Ministry of Economy and Finance)

[Sejong=Asia Economy Reporter Moon Chaeseok] Following President Moon Jae-in's setting of South Korea's economic growth target at over 4% on the 10th, the government has begun taking follow-up measures.

On the same day, Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki held an expanded executive meeting at the Government Complex Sejong with officials at the director-general level and above, requesting, "Please swiftly implement follow-up measures to achieve a growth rate of over 4%."

Regarding this, Deputy Prime Minister Hong urged, "Please prepare an internal plan by early next month to ensure that measures to stimulate domestic demand considering quarantine stability, job recovery plans, and livelihood stabilization measures are solidly reflected in the economic policy direction for the second half of the year." This means preparing various economic stimulus measures ahead of the mid-next month announcement.

He also stated, "Since there are many opinions that proactive business structure reform by companies is essential in line with structural changes, please improve systems to support business transformation through inter-ministerial cooperation, promote structural reform through market mechanisms, and expand support infrastructure."

Regarding recent economic trends, he requested, "Please exercise special caution and response to the so-called three major rising risks during May and June: housing prices, living costs, and polarization gaps."

He added, "Also, please strengthen and accelerate the three driving forces: economic resilience, job creation capacity, and future preparedness."

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