Deputy Minister of Economy and Finance: "Striving to Achieve Over 4% Growth Rate This Year"

"Visible Achievements Expected Through the Promotion of the Korean New Deal"

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Lee Eok-won, the 1st Vice Minister of the Ministry of Economy and Finance, said on the 18th, "Through the economic policy direction for the second half of the year, we will make every effort to achieve an economic growth rate of over 4% this year and ensure that all citizens can feel the economic recovery in the indicators."

At the National Competitiveness Policy Council held at the Government Seoul Office on the same day, Vice Minister Lee stated, "We will do our best to ensure that the efforts to create a new future beyond a rapid and strong recovery and overcoming the COVID-19 crisis lead to strengthening national competitiveness."

He added, "Through the review of the second supplementary budget, we will make thorough preparations for disaster measures such as vaccine supply and vaccination, measures to boost domestic demand and employment in the second half of the year, and support for vulnerable and affected groups such as small business owners during the COVID-19 crisis."

Vice Minister Lee said, "We will accelerate the great transition to a leading economy to enhance our economic competitiveness," and added, "We will focus on promoting the Korean New Deal to produce visible results and thoroughly prepare for the transition to an eco-friendly and low-carbon economy, including the establishment of a carbon-neutral scenario and a climate response fund."

He also stated, "We will secure new growth engines by responding to technological changes such as fostering the Big 3 industries and promote proactive industrial structure innovation including service industry innovation," and "Efforts to strengthen adaptability to demographic changes such as population decline, regional extinction, low birthrate, and aging will also be carried out without delay."

Korea ranked 23rd, the same as last year, in this year's National Competitiveness Evaluation by the International Institute for Management Development (IMD) in Switzerland, announced on the 17th. The IMD's annual national competitiveness evaluation, conducted every June targeting 64 countries including OECD member countries and emerging countries, is recognized for its credibility by international organizations, governments, and private companies and is widely used.

Regarding this, he added, "We will further develop areas where our country is relatively strong and supplement areas that are lacking through cause analysis and policy responses."

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