Vice Minister of Economy and Finance: "Focusing All Efforts on Achieving 4% Growth Rate"

"Full Policy Effort Mobilized for Complete Economic Recovery"
Measures to Enhance Support for SME Exports Established

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Lee Okwon, the 1st Vice Minister of the Ministry of Economy and Finance, stated on the 12th, "We will focus all policy capabilities to achieve a growth rate of over 4% and accomplish a full economic recovery."

At the regular briefing of the 35th Emergency Economic Central Disaster and Safety Countermeasures Headquarters meeting held at the Government Seoul Office in Gwanghwamun, Seoul, Vice Minister Lee said, "The Q1 GDP (Gross Domestic Product) announced last month recorded a growth rate exceeding market expectations, and recently released major economic indicators continue to show a solid recovery trend."

Regarding the employment market, he said, "It is regrettable that employment levels have not yet reached pre-COVID-19 levels," and added, "We will devote more efforts to stabilizing the employment market and creating jobs." According to the April employment trends announced by Statistics Korea on the same day, the number of employed persons last month was 27,214,000, an increase of 652,000 compared to the same month last year.

The government plans to establish a 'Small and Medium Enterprise Export Support Advancement Plan' that provides tailored support for overseas expansion. Vice Minister Lee stated, "For promising startups, we will systematically support funds necessary for localization and commercialization of new products and new technologies," and added, "We will introduce a designation system for export-promising small business owners to provide preferential financial support." In addition, the government will actively promote technology exports such as online exports and patent sales exclusively for small and medium enterprises.

In the subsequent Q&A session, regarding the introduction of the Korean-style sickness allowance, Vice Minister Lee emphasized, "We plan to conduct a research project this year and start a pilot project from next year," and added, "Specific measures will be prepared through social discussions."

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