Hong Nam-ki: "Q3 Economy is Crucial... Continuous Communication Efforts with Companies"

Regularized communication since April meeting
Key turning point in Q3... "Need to boost corporate vitality"

Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki is attending the Real Estate Market Inspection Meeting of Related Ministers held at the Government Seoul Office in Jongno-gu, Seoul on the 11th. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Jang Sehee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, met with the heads of five major economic organizations on the 11th to assess the recent economic situation and emphasized continuing communication with businesses.

At the 'Economic Organization Heads Meeting' held at the Korea Chamber of Commerce and Industry in Seoul on the same day, Deputy Prime Minister Hong stated, "The third quarter will be crucial regarding this year's pace of economic recovery and the 4.2% economic growth target." He added, "Considering various aspects such as variant spread, quarantine control, economic sentiment, real economy trends, and fiscal and financial policy responses, the third quarter is expected to be an important turning point."

The government views this event as significant as it is the first regularized communication meeting since the gathering in April. In this regard, Deputy Prime Minister Hong pledged, "We will strive to enhance corporate vitality and take proactive measures through continuous policy communication and resolving difficulties with businesses and the economic sector."

Hong also stated, "We will make every effort to complete the first dose of vaccination for 36 million people by the end of September and move closer to normal daily life." He evaluated that the fourth wave of COVID-19 has caused the economic recovery trend to falter, as seen in the decline of economic sentiment indices.

He mentioned the increased difficulties and additional shocks faced by small business owners, self-employed individuals, and small and medium-sized enterprises, pledging to mobilize all policy capabilities.

He said, "We will execute the second supplementary budget as swiftly as possible and support the economic flow within the scope of thorough quarantine and harmony."

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