Hong Nam-ki "Next Year's Economic Policy Direction, Wrapping Up Current Administration... Seeking Optimal Content"

Hong Nam-ki, Deputy Prime Minister, Chairs Expanded Executive Meeting on the 25th

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Kim Hyun-jung] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, on the 25th regarding next year's economic policy direction, urged, "Since it is a year marking both the conclusion of the current administration and the beginning of the next, please devise the optimal policy direction and content."

At the expanded executive meeting held via video conference at the Seoul Government Complex that morning, Hong said, "The work on establishing the 2022 economic policy direction is currently underway." The meeting was attended by the 1st and 2nd Vice Ministers of the Ministry of Economy and Finance, first-level officials, and directors.

He stated, "This work begins with reviewing the economic policy stance and major economic policies over the past four and a half years of the current government, assessing achievements and challenges," and added, "Please proceed well with the review and also prepare communication opportunities to inform the public of the results."

Regarding the National Assembly’s deliberation on bills and budget, he said, "Please closely manage current issues such as the supply response for diesel exhaust fluid, selection and management of core economic security items, stabilization of living costs including agricultural, livestock, and fishery products, expansion of the fuel tax reduction on the ground, stabilization of the real estate market, and response to international financial volatility." He emphasized, "By the end of the year, please also complete tasks such as ▲preparing measures to promote MSCI inclusion ▲devising protection plans for low-income assets ▲establishing sectoral roadmaps for NDC."

Hong Nam-ki urged, "To recover growth potential presented this year, please devote full efforts in the remaining period to final responses in domestic demand, investment, and fiscal execution," and requested a final check and encouragement of domestic demand stimulation measures considering phased daily recovery such as consumption coupons and mutual consumption support funds, as well as the recent quarantine situation, and the public and private investment plan of 110 trillion won scheduled for this year.

He said, "In particular, please conduct a comprehensive review of the 4th quarter fiscal execution status of central and local governments (66 trillion won planned for government consumption and investment) within this week, and ensure that there are no delays, unexecuted funds, or unnecessary blanket use by the end of the year."

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